Yangru corporation was offered a loan of 1000000 at a, Financial Management

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Yangru corporation was offered a loan of 1000000 at a

Yangru Corporation was offered a loan of $1,000,000 at a nominal rate of 8.5%, simple interest, with monthly interest payments and a 365-day year. The loan must be repaid at the end of one year, but until then only the monthly interest must be paid. What would Yangru's required interest payment be for a 30-day month? a. $5,333.33 b. $6,111.11 c. $6,986.30 d. $7,250.00 e. $8,500.00

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