Mark borrows $15,000 to buy a new car. His loan has an annual interest rate of 6.5%, compounded monthly, and his monthly payment is $293.49. How much will he have paid in interest when he has finished repaying his loan in 60 months?
A) $43.49
B) $1,575.50
C) $2,609.40
D) $17,609.40
Answer: C
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