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Ahmad borrowed $10,000 at 6% annual nominal interest rate compounded monthly. He agreed to repay the loan in equal end-of-month payments for 5 years

Ahmad borrowed $10,000 at 6% annual nominal interest rate compounded monthly. He agreed to repay the loan in

Ahmad borrowed $10,000 at 6% annual nominal interest rate compounded monthly. He agreed to repay the loan in equal end-of-month payments for 5 years with the first payment to be paid one month from now. How much is the total interest he will pay.

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