Assignment:
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)?
Provide complete and step by step solution for the question and show calculations and use formulas.