Prepare an amortization schedule for a five-year loan of $71,000. 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 Interest Payment Principal Payment Total Payment Ending Balance 1 $ 71,000.00 S 17.316.24 $ 4,970.00 $ 12,346.24 $ 58,653.76 2 58.653.76 17,316.24 4,105.76 13,210.48 45,443.28 3 45,443.28 17,316.24 3,181.03 14,135.21 31,308.08 4 31,300.08 17,316,24 2.191.57 15.124.67 16.183.01 5 16.183.01 17,316.24 1,132.84 16,183.40 0.00 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.) b. Interest paid in third year c. Interest paid over the life of loan 3 of 10 Next >