If Mr. Fs borrowing amount $12,000 is charged at a rate of 3 percent but calculated on a daily basis. Mr. F is required to pay a minimum of 3 percent of the remaining loan balance every month. What would be Mr. Fs first monthly loan payment? Assume a 30-day month and a 365-day year.

Mr.F's first monthly loan payment is $ ?

Calculating monthly interest in a line of credit: Interest = B APR (n/365)