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You have decided to finally open your own business, after searching around for loans you have decided to take a $100,000 loan from the bank

You have decided to finally open your own business, after searching around for loans you have decided to take a $100,000 loan from the bank with 12% APR compounded monthly. The agreement with the bank is for 10 years with your first payment due at the end of the month.

What is your monthly payment?

Create an amortization schedule to track the principal and interest on the loan over the next 10 years.

How much do you pay in interest?

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