Question
Prepare an amortization schedule for a five-year loan of $68,000. The interest rate is 7 percent per year, and the loan calls for equal annual
Prepare an amortization schedule for a five-year loan of $68,000. The interest rate is 7 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.) |
Year | Beginning Balance | Total Payment | Interest Payment | Principal Payment | Ending Balance |
1 | $ | $ | $ | $ | $ |
2 | |||||
3 | |||||
4 | |||||
5 | |||||
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.) |
Interest paid | $ |
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.) |
Total interest paid | $ |
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