Answer :
The statement that says that according to the letter, Billy Jo owes William money is False.
What is a Letter?
This refers to the writing of thoughts and intentions of a writer which is addressed to someone else and sent via post and can either be an informal or formal letter.
With this in mind, we can see that from the complete text, there is the letter that shows that Billy Jo DID NOT owe William money, but apparently, William owed Billy Jo money and this made him send Sancho and Bolsa to find William.
Read more about letters here:
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