Prepare an amortization schedule for a three year loan of $81,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

Question 7 (of 7) 10.00 points Problem 5-55 Amortization with Equal Payments [LO 3] Prepare an amortization schedule for a three-year loan of $81,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. Leave no cells blank. Enter '0' where necessary. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g., 32 Beginning Balance Total Payment Ending Interest Payment Principal Payment Year 2 Total interest References eBook & Resources Worksheet Difficulty: 2 Intermediate Problem 5-55 Amortization with Equal Payments [LO 3] Learning Objective: 05-03 Describe how loans are amortized or paid off