Question: Metro Construction received $60,000 in vendor financing at 10.5% compounded semiannually for the purchase of a loader. The contract requires semiannual payments of $10,000 until

Metro Construction received $60,000 in vendor financing at 10.5% compounded semiannually for the purchase of a loader. The contract requires semiannual payments of $10,000 until the debt is paid off. Construct the complete amortization schedule for the debt. How much total interest will be paid over the life of the loan?

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