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Sunset, Inc. decided to source $16,000 via 6-year bank loan with 15% interest rate. Please calculate total interest to be paid considering three different scenarios:

Sunset, Inc. decided to source $16,000 via 6-year bank loan with 15% interest rate.

Please calculate total interest to be paid considering three different scenarios:

a) Interest-only loan

b) Amortized loan with equal payments of the principal amount every year

c) Amortized loan to be repaid using annuity payment scheme

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