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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
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.) |
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 calculations and round your answer to the nearest whole number, e.g., 32.) |
Total interest paid | $ |
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