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Prepare an amortization schedule for a three-year loan of $100,000. The interest rate is 8% per year, and the loan calls for equal annual payment.

Prepare an amortization schedule for a three-year loan of $100,000. The interest rate is 8% per year, and the loan calls for equal annual payment.

How much is the annual total loan payment?

How much interest is paid in the first year?

How much total interest is paid over three years?

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