7 On the first day of the month: NewestBank started its operations with $20 million in capital. NewestBank receives $180 million in deposits, with simple interest paid monthly at an average annual rate 2.5%. The required reserves are 10%. The bank issues a $70 million commercial loan and another 590 million in mortgages, with the following terms: M - Commercial loan: 5-year loan, simple interest paid monthly at an annual rate 4%. Mortgages: 100 standard 30-year, fixed-rate with a nominal annual rate of 3.9% each for $900,000. NewestBank decides to invest $10 million in 30-day T-bills. The T-bills are currently trading at $4,985 (including commissions) for a $5,000 face value instrument. At the end of the month: Newest Bank receives all the required payments from its commercial loan, mortgages, and T-bills, and makes interest payments on the deposits. Income tax rate is 30%. Assume that net interest equals EBT. What is the net interest income in the first month? our choice: 7/16 Qs $292,500 $555,923.33 $375,000.00 $180,923.33