Tom is repaying a mortgage over a 30 year period. He makes 360 equal end of month payments. The nominal rate of interest is 6% convertible monthly. Tom misses the first payment, but makes the rest of...

Extracted text: Tom is repaying a mortgage over a 30 year period. He makes 360 equal end of month payments. The nominal rate of interest is 6% convertible monthly. Tom misses the first payment, but makes the rest of the payments on time. As a result of missing his first payment, there is still a remaining balance of 11385. 963 09 after making the 360th scheduled payment. Find the total interest paid in the 16th year.