Question: In one instance, a financial institution loaned you $50,000 for two years at an APR of 4.75% for which you must make monthly payments. In

In one instance, a financial institution loaned you $50,000 for two years at an APR of 4.75% for which you must make monthly payments. In a second instance, you loaned a financial institution $50,000 for two years at an APR of 4.75% compounded monthly. What is the difference in the amount of interest paid? (Round your answer to the nearest cent.)

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