Use this table: Monthly payment per $1,000 initially borrowed 15-year loan $7.40 7.65 $7.91 $8.17 $8.44 $8.71 $8.99 9.27 9.56 $9.85 30-year loan $4.77 5.07 $5.37 $5.68 s6.00 6.32 6.65 $6.99 7.34 $7.69 s8.05 $8.41 $8.77 s9.15 $9.52 s9.90 Interest rate 4.0% 45% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 95% 10.0% 10.5% 11.0% 10.14 S10.44 10.75 $11.05 $11.36 $11.68 12.0% 12.01 $10.29 11.5% Each question, or part of a question, is worth one point. On May 14, 2023, a business takes a 30-year loan of $300,000 at an annual interest rate of 11%. The first payment is scheduled for June 14, 2023; the final payment is scheduled for May 14 2053. la) Assuming the business makes standard payments for the 30-year repayment cycle, what total amount of interest will it have been charged over the course of the loan? (Hint: your first step will be to calculate the monthly payment of the loan.)