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How much total interest is paid over the life of the loan

Problem:

Prepare an amortization schedule for a 3-year loan of $40,000. The interest rate is 11 percent per year and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?

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Finance Basics: How much total interest is paid over the life of the loan

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