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Tony's Towing Borrows $12,250, at 9

Question 17

Multiple Choice

Tony's Towing borrows $12,250, at 9.5% interest, for 320 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent)


A) $304.17
B) $1,020.00
C) $1,020.27
D) $1,272.47

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