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per photo/ calculate interest on a monthly basis loan amount = 211,950.00 1. The money borrowed on June 2 is an interest-only loan with a

image text in transcribedper photo/ calculate interest on a monthly basis loan amount = 211,950.00
1. The money borrowed on June 2 is an interest-only loan with a 10 percent interest rate. The interest accrues each month even though it is only paid quarterly with the first payment not due until September 2, 20xx. Compute interest on a monthly basis not by number of days. 34 35

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