You want to borrow $100,000 for five years when the interest rate is 5%. You will make yearly payments of $23,097.48 for five years. Fill in the blanks in the amortization table below. Assume that the loan was created on January 1, 2018 and totally repaid by December 31, 2022, after five equal, annual payments.

Date: Beginning balance: Cash payment: Interest expense: To principle: Ending Balance:

year1 100,000 23,097.48

year2 23,097.48

year3 23,097.48

year4 23,097.48

year5 23,097.48