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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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