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A hospital borrows $300,000 from their local bank to finance the purchase of a piece of capital equipment. The loan agreement calls for interest of

A hospital borrows $300,000 from their local bank to finance the purchase of a piece of capital equipment. The loan agreement calls for interest of 4% annually on the unpaid balance. A $150,000 payment is due at the end of the first year, and a final $150,000 payment due at the end of the second year. What is the total interest paid on the loan?

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