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Prepare an amortization schedule for a five-year loan of $71,500. Assume the interest rate is 7 percent per year and the loan agreement calls for

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Prepare an amortization schedule for a five-year loan of $71,500. Assume the interest rate is 7 percent per year and the loan agreement calls for a principal reduction of $14,300 every year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank- be certain to enter "O" wherever required.) ed Year Beginning Balance Total PaymentInterest Payment Principal Payment Ending Balance nces How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.) Interest paid

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