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Johnson Inc borrowed $500,000 at a rate of 10%, simple interest, with monthly interest payments. Based on a 365-day year, what would Johnson's required interest payment be for a 30-day month?

Johnson Inc borrowed $500,000 at a rate of 10%, simple interest, with monthly interest payments. Based on a 365-day year, what would Johnson’s required interest payment be for a 30-day month?

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