You bought a piece of agricultural land for $250,000, paid 20% down payment and finance the balance with a loan from Agro Bank. The bank charges you a nominal rate of 12% p.a. with interest calculated on a monthly reducing balance. If the loan repayment is over a 15-year period, what is the total amount of interest dollars you will pay the bank over the life of the loan? (Use 2-decimal places in your calculation) Where applicable, draw the timeline showing the known and unknown variables, and show your workings.