Problem 5.56 Amortization with Equal Principal Payments [LO 3] Prepare an amortization schedule for a three-year loan of $87,000. The interest rate is 10 percent per year, and the loan agreement calls for a principal reduction of $29,000 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