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

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Finance

On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $21,000 interest-only loan with a nominal rate of 13%. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerlys interest charge for the first month (assuming 31 days in the month)? Do not round intermediate calculations. Round your answer to the nearest cent.

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