Repay the loan in two equal monthly instalments

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Chatterton Company has obtained a $75,000 short-term loan from the bank with the understanding that Chatterton will repay the loan in two equal monthly instalments of $38,250 each. The first instalment is due after 30 days, and the second after 60 days.

Find the cost of this loan for Chatterton

Please show all steps and calculations

Reference no: EM13763891

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