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FinanceQ&A LibraryPrepare 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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