### What is the monthly interest expense for the month of may

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Question 1: Alt Ltd has an overdraft account at its bank with a limit of \$300,000. Interest is charged at the rate of 7% p.a. on daily balance, debited monthly. The balance remains at \$32,000 O/D for 9 days and then falls to \$27,000 O/D for the remaining days in the month. What is the monthly interest expense for the month of May?

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