Question 2 Calli buys a laptop for P33, 000 and makes 12% down payment. If Calli agrees to repay the balance in 12 equal monthly payments at an annual simple interest rate of 6.50%, estimate the APR for Micah's loan.

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.