Question: Problem 9. (1 point) A person borrows $36000 and agrees to repay the loan in monthly installments over 5 years. The agreement is to

Problem 9. (1 point) A person borrows $36000 and agrees to repay

Problem 9. (1 point) A person borrows $36000 and agrees to repay the loan in monthly installments over 5 years. The agreement is to pay 1% of the unpaid balance each month for using the money and $600 each month to reduce the loan. What is the total cost of this loan, that is, what is the sum of all the monthly interest payments? Cost of loan =

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