USE EXCEL TO SHOW WORK (FORMULAS) AND GET ANSWER

On March 1, Minnerly Motors obtains business loan from a local bank. The loan is a $25,000 interest-only loan with a nominal rate of 11%, interest is calculated on a simple interest basis with a 365-day year. what is Minoerl's interest charge for the first month (assuming 31 days in the month)? You must show calculations to receive full credit. (2pts) 3. Cost of Bank Loans. Del Hawley, owner of Hawley's Hardware, is negotiating with First City Bank for a 1-year loan of $50,000. First City has offered Hawley the alternatives listed below. Calculate the effective annual interest rate for each alternative. You must show calculations to receive full credit. (6pts) 4. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year. A 9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year. An 8.75% annual rate on a discounted loan, with a 15% compensating balance