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
Correct Answer:
Verified
Q136: You sold your motorcycle and accepted a
Q137: Suppose United Bank offers to lend you
Q138: What's the present value of $4, 500
Q139: What is the present value of the
Q140: What annual payment must you receive in
Q142: You just deposited $2, 500 in a
Q143: Suppose you borrowed $14, 000 at a
Q144: Your cousin will sell you his coffee
Q145: The store where you bought new home
Q146: You plan to borrow $35, 000 at
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents