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.

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?

Total interest paid

$