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eBook Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $21,000 interest-only loan

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eBook Cost of Bank Loan On March 1, Minnerly Motors obtains a business loan from a local bank. The loan is a $21,000 interest-only loan with a nominal rate of 20%. 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. $

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