Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amounts as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

Year	Beginning Balance	Total Payment	Interest Payment	Principal Payment	Ending Balance
1	$	$	$	$	$
2
3
4
5

How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Interest paid $

How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Total interest $