You borrow $58,500 from a bank. The loan calls for equal annual payments to be paid over 5 years; and the bank interest at the rate of 6% per year, compounded annually. In total, how much interest is paid over the life of the loan.

$19,786.20 O $13,866.90 O $15,384.83 O $9,358.13 O $10,938.45 E

You borrow $58,500 from a bank. The loan calls for equal annual payments to be paid over 5 vears, and the bank interest at the rate of 6% per year, compounded annually. In total, how much interestis paid over the life of the $19,786.20 $13,866.90 $15,384.83 $9,358.13 $10,938.45