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Item12 32 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 12 Prepare an amortization schedule for a three-year loan of $102,000. The interest
Item12 32 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 12 Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.
\begin{tabular}{|c|c|c|c|c|c|} \hline Year & \multicolumn{1}{|c|}{BeginningBalance} & TotalPayment & InterestPayment & PrincipalPayment & EndingBalance \\ \hline 1 & $102,000.00 & & & & \\ \hline 2 & & & & & \\ \hline 3 & & & & & \\ \hline \end{tabular}Step by Step Solution
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