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Determine the total interest paid

Amortisation with Equal Payments.

Response to the following problem:

Prepare an amortisation schedule for a three-year loan of $75 000. The interest rate is 9% 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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Financial Accounting: Determine the total interest paid

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Financial Accounting: Determine the total interest paid

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