An extremely important application of

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interest involves amortized loans. Some common types of amortized loans are automobile loans, home mortgage loans, student loans, and many business loans. Each loan payment consists of interest and repayment of principal. This breakdown is often developed in an amortization schedule. Interest is

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in the first period and

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over the life of the loan, while the principal part repayment is

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in the first period and it

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thereafter.