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Billy Thornton borrowed $165,000 at a rate of 7.25%, simple interest, with interest paid at...

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Finance

Billy Thornton borrowed $165,000 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?
Select the correct answer.
a. $1,001.68
b. $999.28
c. $992.08
d. $994.48
e. $996.88

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