Pace Co. borrowed $10,000 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 Pace have to pay in a 30-day month?
A. $57.40
B. $47.13
C. $60.42
D. $73.10
E. $50.15
Answer: C
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