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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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