The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What is the rate of interest? percent=? round 2 decimal place

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Q: ity value on $3,372 at 6.7% simple ordinary interest for 155 days. (use 2 decimal places)

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A: Present value of annuity due (n=29, i=5%) = 15.89813

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Q: The exact simple interest of P7,000 invested from April 28, 2002 to December 25, 2002 is P700. What…

A: Formula: Simple Interest = Principal Amount x Time period x Rate of Interest

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Q: esent value of $3,950 to be received at the beginning values to 5 decimal places, e.g. 1.25124 and…

A: Answer : Interest rate = 5% Period = 29 Present value of annuity due (n=29, i=5%) = 15.89813

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Q: Determine the exact simple interest on Php6,500.00 for the period from January 15 to November…

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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.