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Billy Thornton borrowed $115,000 at a rate of 7.25%, simple interest , with interest paid at the end of each month. The bank uses a

Billy Thornton borrowed $115,000 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. $692.39b. $699.59c. $689.99d. $694.79e. $697.19

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