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Annuity and mortgage payment Prepare an amortization schedule for a three-year loan of $75,000. The interest rate is 8% per year, and the loan calls
Annuity and mortgage payment
Prepare an amortization schedule for a three-year loan of $75,000. The interest rate is 8% per year, and the loan calls for equal annual payment.
- How much interest is paid in the third year?
- Howmuchtotalinterestispaidoverthelifeoftheloan?
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International Financial Management
Authors: Geert Bekaert, Robert Hodrick
3rd edition
1107111820, 110711182X, 978-1107111820
