The amount of interest to be paid in total for six and a half years is $59,357.31
Computation:
Given,
Principal Amount =$44,500
Interest rate =13.11% annually
The interest is compounded monthly
time period= 6.5 years
The formula of compound interest will be used:
Substituting the values in the formula:
Now, the value of total interest paid is computed by taking the difference between the annuity amount and the principal amount.
Therefore, from the given options non of the options are correct.
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