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Seeking some clarification as to how the following is calculated - Purchaser to pay vendor interest on the balance of the purchase price at the

Seeking some clarification as to how the following is calculated - Purchaser to pay vendor interest on the balance of the purchase price at the rate of 8% per annum calculated on daily balances. If 500k was the outstanding balance how much would the purchaser have to pay the vendor each day? thanks

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