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A new large scale solar power is considered The initial cost for the construction of the plant is estimated at $100 million. To convert the

A new large scale solar power is considered The initial cost for the construction of the plant is estimated at $100 million. To convert the capital costs, the project will draw 50% of its finance from commercial bank loan at 12.5% p.a repaid over 15 years and compounded monthly.

Calculate the total interest that project needs to pay over the 15 years period to the commercial bank ( to the nearest $)

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