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What is the total payment in the third year

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Reference no: EM132908335

Question - Prepare an amortization schedule for a four-year loan of $38,000. The interest rate is 11% per year, and the loan agreement calls for a principal reduction of $9,500 every year instead of equal annual payments. What is the total payment in the third year? How much total interest is paid over the life of the loan?

Reference no: EM132908335

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