Question: A small business borrows $50,000 for expansion at 9% compounded monthly. The loan is due in 4 years. The business does not have to make

A small business borrows $50,000 for expansion at 9% compounded monthly. The loan is due in 4 years. The business does not have to make any payments in between just pay off the loan and interest in 4 years. How much interest will the business pay for borrowing the money?

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