Question: Prepare an amortization schedule for a three - year loan of $ 7 2 , 0 0 0 . The interest rate is 9 percent

Prepare an amortization schedule for a three-year loan of $72,000. The interest rate is 9 percent per year, and the loan agreement calls for a principal reduction of $24,000 every year. How much total interest is paid over the life of the loan?

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