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
Answer: A
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Answer the following statement true (T) or false (F)
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What will be an ideal response?
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