3. On January 1, Flagstaff Flowers obtained a business loan from a local bank. The loan is a $25,000 interest-only loan with a nominal rate of 6.00%. Interest is calculated on a simple interest basis with a 365-day year. What is the interest charge for the first month (assuming 31 days in the month)? You must show all calculations to receive credit. (1.5pts) 4. Lucy Love, owner of Love's Laundry, is negotiating with Arizona Credit Union (ACU) for a 1-year loan of $30,000. ACU has offered Love the alternatives listed below. Calculate the effective annual interest rate for each alternative. You must show calculations to receive full credit. (3.5pts) A 4.00% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year. . A 6.00% annual rate on a simple interest loan, with a 15% compensating balance required and interest due at the end of the year. An 7.50% annual rate on a discounted loan, with a 10% compensating balance