Prepare an amortization schedule for a five-year loan of $58,500 Assume the interest rate is 6 percent per year and the loan agreement calls for a principal reduction of $11,700 every year. The interest rate is 6 percent per year. (Do not round intermediate calculations and round your answer to 2 decimals places, e.g., 32.16 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 total interest is paid over the life of the loan? (Do not round intermediate calculation and round your answer to the nearest whole number, e.g.. 32.)

Total interest paid