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Prepare an amortization schedule for a three - year loan of $ 7 1 , 5 0 0 . The interest rate is 7 percent,

Prepare an amortization schedule for a three

-

year loan of $

71, 500 .

The interest rate is

7

percent, and the loan calls for equal semi

-

annual payments. What is the semi

-

annual payment amount? How much total interest is paid over the life of the loan?

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