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Prepare an amortization schedule for a three-year loan of $90,000. The interest rate is 11 percent per year, and the loan agreement calls for a
Prepare an amortization schedule for a three-year loan of $90,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $30,000 every year. How much total interest is paid over the life of the loan?
year | Beginning Balance | Total Payment | Interest Payment | Principle Payment | Ending Balance |
1 | |||||
2 | |||||
3 | |||||
Total Interest |
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