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automotive dealer borrow at 7300 from bank on a demand note on May 6 interest on the loan calculated on a daily balance is charged
automotive dealer borrow at 7300 from bank on a demand note on May 6 interest on the loan calculated on a daily balance is charged to the dealer on the sixth of each month
The automotive dealer made a payment of 2500 on July 15 a payment of 3000 October 1 and re-paid the balance December 1 the rate of interest on the loan on May 6 with 4% per annum the rate was charged to 4.5 on August 1 and 4.8 October 1 what was the total interest on the loan
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