Prepare an amortization schedule for a three-year loan of $69,000. The interest rate is 8 percent per year, and the loan agreement calls for a principal reduction of $23,000 every year. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Year 1 2 3 $ Beginning Balance 69,000 47,746 24,791 $ Total Payment 267,744 26,774 26,774 Total interest $ $ Interest Payment 5,520 $ 3,820 1,983 11,323 Principal Payment 21,254 $ 22,955 24,791 Ending Balance 47,746 24,791 0:

Prepare an amortization schedule for a three-year loan of $69,000. The interest rate is 8 percent per year, and the loan agreement calls for a principal reduction of $23,000 every year. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter ' O ' where necessary. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32