How much interest would billy have to pay

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Reference no: EM131190138

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

Reference no: EM131190138

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