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Billy Thornton Borrowed $20, 000 at a Rate of 7

Question 28

Multiple Choice

Billy Thornton borrowed $20, 000 at a rate of 7.25%, simple interest, with interest paid at the end of each month.The bank uses a 360-day year.How much interest would Billy have to pay in a 30-day month?


A) $120.83
B) $126.88
C) $133.22
D) $139.88
E) $146.87

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