You borrowed $50,000 educational loan from a bank to pay for your MBA degree, and the bank changes you interest at 8% APR compounded monthly.

The loan requires that you start making monthly payment when you graduate from the MBA degree (i.e. 2 years after you have received the loan) and you are required to pay back monthly equal payment (at the end of each month) over the period of 10 years.

The interest will begin to calculate when you graduate (i.e. 2 years after you have received the loan).

Calculate the monthly payment, and the total interest you would have paid in the first year of payment.