Prepare an amogtization schedule for a five-year loan of $63.000 Assume the interest rate is 8 percent per year and the loan agreement calls for a principal reduction of $12,600 every year Beginning Balance Total Principal Payment Ending Balance Interest Year Payment Payment S S S How much total interest is paid over the ife of the loan? Interest paid Reterences eBook & Resources Worksheet Leaming Objective 06 03 How loans are amortized or paid off Difficulty: Intermediate Section 64 Loan Types and Loan Amortization