Prepare an amortization schedule for a five-year loan of $59,000. 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.)  Year BeginningBalance   TotalPayment   InterestPayment   PrincipalPayment   EndingBalance 1 $     $     $     $     $   2                             3                             4                             5                               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.) Total interest paid           $

Question

Prepare an amortization schedule for a five-year loan of $59,000. 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.)
 

Year Beginning
Balance
  Total
Payment
  Interest
Payment
  Principal
Payment
  Ending
Balance
1 $     $     $     $     $  
2                            
3                            
4                            
5                            
 


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.)
 
Total interest paid           $

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