On march 1 minnerly motors obtained a business loan from a, Ask an Expert

Management Studies

On March 1, Minnerly Motors obtained a business loan from a local bank.

The loan is a $25,000 interest-only loan with a nominal rate of 11 percent. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerly's interest charge for the first month (assuming 31 days in the month)?

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M92177844

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