If there is a cash shortage, the company borrows money from the bank. All cash is borrowed
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If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments, and interest is paid monthly at 1% on the first day of the following month. The company had no debt before June 1. what will be the amount of interest paid on July 1 ?
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