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ABC Corporation borrows $12,000 cash on February 1. The loan has an annual interest rate of 4 percent and an 8-month maturity, with the principal

ABC Corporation borrows $12,000 cash on February 1. The loan has an annual interest rate of 4 percent and an 8-month maturity, with the principal and all interest due on September 30. What is the monthly interest expense for this loan?

$480

$40

$320

$60

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