A Bank granted a loan to a borrower in the amount of P5,000,000 on January 1, 2021, The interest rate on the loan is 10% payable annually starting December 31, 2021. The loan matures in five years on December 31, 2025. The Bank incurs P39,400 of direct loan origination cost and P10,000 of indirect loan origination cost. In addition, The Bank charges the borrower an 8-point nonrefundable loan origination fee. The carrying amount of the loan as of January 1, 2021 is  The effective interest rate of the loan is (provide answer in two decimal places)  The interest income to be recognized in 2021 is  The carrying amount of the loan as of December 31, 2021 is

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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.