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Billy Thornton borrowed $205,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses a 360-day

Billy Thornton borrowed $205,000 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. $1,233.74
b. $1,236.14
c. $1,243.34
d. $1,238.54
e. $1,240.94

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