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Prepare an amortization schedule for a five-year loan of $67,000. The interest rate is 9 percent per year, and the loan calls for equal annual
Prepare an amortization schedule for a five-year loan of $67,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.) |
b. | How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
c. | How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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