Prepare an amortization schedule for a five-year loan of $54,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Can you please provide equation on how to calculate beginning balance for year 1-5 as well? Thank you!

Prepare an amortization schedule for a five-year loan of $54,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.) Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance Year NMD How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Interest paid $D How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Total interest paid $ D