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Do traditional radio stations pay per track play? I'm unfamiliar with the business.

Keep in mind a single play on a radio station is more like 10,000 plays on Spotify. It's 1-to-many vs. 1-to-1.

Radios don't have to pay anything unless they're an internet stream

I believe that over the air and internet streams are paid out separately.

Over the air looks to play 12c to 6c per play https://www.quora.com/How-much-are-music-artists-paid-in-Roy...

US terrestrial radio only pays out to the composition side (whoever wrote the song) and not to the master side (who performed and recorded the song). Internet and satellite radio pay both sides. Non-interactive radio uses rates set by statute across the board; this is all separate from on-demand streaming like Spotify.

Actually that makes it slightly more than $1/100 plays.