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Interest rate on 1% per month
The company has an agreement with a bankk that allows the company to borrow in increments of $1000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan, and as much of the loan as possible.
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