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How much interest is paid in the third year

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Prepare a amortization schedule for a five-year loan of $71,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments.

YEAR BEGINNING BALANCE TOTAL PAYMENT INTEREST PAYMENT PRINCIPAL PAYMENT ENDING BALANCE

b.How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

c.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.)

Reference no: EM132142245

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