Solve the problem.If a principle of P dollars is amortized over a period of t years, and payments are made each th of a year, with an annual interest rate of r (as a decimal), the payment p that must be made is given by the formula . The total interest I that will be paid during the term of a loan is given by  Suppose $7000 is amortized over 6 years with an interest rate of 

style="vertical-align: -4.0px;" /> and requires monthly payments. What is the total interest that will be paid during the term of the loan?

A. $894,001.05
B. -$12,306.40
C. -$4708.30
D. $2010.01


Answer: D

Mathematics

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