Prepare an amortization schedule for a five-year loan of $57,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Year*BeginningBalance*Total Payment*Interest Payment*Principal Payment*EndingBalance

1

2

3

4

5

How much interest is paid in the third year? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Interest paid $

The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?