Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $35,000 interest-only loan with a nominal rate of 11%. 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)? Do not round intermediate calculations. Round your answer to the nearest cent. $