You have borrowed $70 000 to buy a racehorse to train to win an important race this year and then to pay back the loan over an extended period. You plan to make monthly payments over a 15-year period. The bank has offered you a 9% interest rate compounded monthly. Calculate the total amount of interest dollars you will pay the bank over the life of the loan. Round to the nearest 10 dollars and assume end-of-month payments.

Group of answer choices

$47 451

$51 644

$54 776

$57 798