Prepare an amortization schedule for a five-year loan of $56,000. The interest rate is 7 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 "O" wherever required.) Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance Year 2 3 4 5 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 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