Pace CoBorrowed $30,000 at a Rate of 7

question 113

Multiple Choice

Pace Co.borrowed $30,000 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 Pace have to pay in a 30-day month?

• A) $157.69
• B) $141.38
• C) $181.25
• D) $212.06
• E) $155.88

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