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Q7. On 1 March 2011 a company raises finance by agreeing a six-month loan for $12 million offered at an interest rate of 3.15 per
Q7. On 1 March 2011 a company raises finance by agreeing a six-month loan for $12 million offered at an interest rate of 3.15 per cent. Calculate the cost of the loan (i.e. the interest which has to be paid) in dollars.(a) on a 30/360-day count basis (180 days)(b) on a 365-day count, actual/365 basis (183 days)
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