Question: A small business borrows $26,000 for expansion at 5% compounded monthly. The loan is due in 10 years. How much interest will the business pay?

A small business borrows $26,000 for expansion at 5% compounded monthly.

A small business borrows $26,000 for expansion at 5% compounded monthly. The loan is due in 10 years. How much interest will the business pay? The business will pay $ in interest. (Round to the nearest cent.)

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