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Month Remaining Balance ($) Payment ($) Interest ($) Principal Payment ($) 1 100,000 500 250 250 2 99,750 500 249.38 250.62 3 99,499.38 500 248.75

Month

Remaining Balance ($)

Payment ($)

Interest ($)

Principal Payment ($)

1

100,000

500

250

250

2

99,750

500

249.38

250.62

3

99,499.38

500

248.75

251.25

...

...

...

...

...

36

86,323.84

500

215.81

284.19

Given a loan amount of $100,000 with an annual interest rate of 6% and a loan term of 36 months, construct the loan amortization schedule and calculate the total interest paid over the loan term



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