Problem:
Talmud Book Company borrows $16,000 for 30 days at 9 percent interest. What is the dollar cost of the loan?
Dollar cost of loan = Amount borrowed * Interest rate * (Days loan is outstanding * Days in the year(360))
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.Provide step by step solutions for the above question