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Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 6 percent per year, and the loan calls for equal annual

Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 6 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

Select one:

a.$ 3,600

b.$ 3,460.23

c.$ 7,339.77

d.$ 1,270.57

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