Question
Prepare an amortization schedule for a five-year loan of $52,000. The Interest rate is 9% per year, and the loan calls for equal annual payments.
Prepare an amortization schedule for a five-year loan of $52,000. The Interest rate is 9% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Year 1 2 3 4 5 Beginning Balance $ 52000 Total interest 43311.19 33840.39 Total Payment $ 13368.81 13368.81 13278.6 x 13368.81 Interest Payment $ 4680.00 3898.00 3045.63 Principal Payment $ 8688.81 9470.80 10323.17 $ Ending Balance 43311.19 33840.39 How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest paid $3045.64 23517.22 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.)
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