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Please solve, show work, and give detail explanation Exam #1 Review Problems Chapters 1, 2, 3, 4, 5, and 8 11. Prepare an amortization schedule

image text in transcribedPlease solve, show work, and give detail explanation

Exam #1 Review Problems Chapters 1, 2, 3, 4, 5, and 8 11. Prepare an amortization schedule for a three-year loan of $53,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much interest is paid in the third year

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