55.

Year	Beginning Balance	Interest	Principal	Ending Balance
1	$67,500.00	$4,354.87	$11,684.09	$55,815.89
2	$55,815.89	$3,510.23	$12,528.73	$43,287.13
3	$43,287.13	$2,604.50	$13,434.46	$29,852.67
4	$29,852.67	$1,633.34	$14,405.62	$15,447.03
5	$15,447.03	$591.96	$15,447.00	$0.00
Third Year Interest = 2605
Total Interest Paid = 12695

Above is the solution of problem 55. I need help with problem 56. But you will need some info from the 55. thats why I posted it here.

56.Amortization with Equal Principal Payments [LO3]Rework Problem 55 assuming that the loan agreement calls for a principal reduction of $13,500 every year instead of equal annual payments. ???? Need help with this problem?