SOLUTION: Billy Thornton borrowed $150,000 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

SOLUTION: Billy Thornton borrowed $150,000 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

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Question 1148907: Billy Thornton borrowed $150,000 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) $904.75
B) 907.75
C) 903.25
D) $909.25
E) 906.25
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt=15000*0.0725*1/12=$906.25
E

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