Pace CoBorrowed $25,000 at a Rate of 7

question 24

Multiple Choice

Pace Co.borrowed $25,000 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)$136.32
• B)$143.49
• C)$151.04
• D)$158.59

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