Prepare an amortization schedule for a five-year loan of $61,000. Assume the loan agreement calls for a principal reduction of $12,200 every year. The interest rate is 8 percent per year. (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 $ S S $ $ Year 1 2 3 4 5 61000 48800 36600 24400 12200 12200 12200 12200 12200 12200 48800 36600 24400 12200 15227.84 0 How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Total interest paid $