Answer:
I will pay $537.43 as interest.
Explanation:
Principal amount = F = $70,000
Effective rate = 6.3% / 12 = 0.525% monthly
t = 2 months
Interest Amount for 2 months = [2x (r x F) / 1 − ( 1 + r )^−t] = [2 x (0.525% x 70,000) / 1 - ( 1 + 0.525%)^-2 = $735 / 0.01042 = $70537.43
Interest Amount = $70537.43 - 70,000 = $537.43
Interest payment of two month margin loan for amount $70,000 at effective rate 6.3% is $537.43.
