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Prepare an amortization schedule for a three-year loan of $66,000. The interest rate is 11 percent per year, and the loan agreement calls for a principal reduction of $22,000 every year. How much total interest is paid over the life of the loan?
Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g.,32.
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