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How much interest will the firm pay

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Question - COST OF BANK LOAN - Zip Systems has obtained a $30,000, 90-day bank loan at an annual interest rate of 8.5%, payable at maturity. (Note: Assume a 365-day year.)

How much interest (in dollars) will the firm pay on the 90-day loan?

Find the 90-day rate on the loan.

Annualize your result in part b to find the effective annual rate for this loan, assuming it is rolled over every 90 days throughout the year under the same terms and circumstances.

Reference no: EM133157911

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