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What is Minnerly interest charge

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Problem - On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $25,000 interest-only loan with a nominal rate of 11%. 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)?

Reference no: EM132905671

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