Prepare an amortization schedule for a five-year loan of, Ask an Expert

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Prepare an amortization schedule for a five-year loan of $53,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

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