Question: You borrowed $ 1 0 2 , 0 0 0 from a bank 5 years ago at an unknown interest rate. You only know that

You borrowed $102,000 from a bank 5 years ago at an unknown interest rate. You only know that interest is compounded monthly; and your monthly repayment is $3,000 with a payment holiday in November of each year. Assuming there is no handling fee or any other charges, what is the total interest expense of the loan?

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