### Repay the loan in two equal monthly instalments

Assignment Help Financial Management
##### Reference no: EM13763891

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

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