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Prepare a amortization schedule for a five-year loan

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Prepare a amortization schedule for a five-year loan of $36,000. The interest rate is 9% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

YearBeginning

BalanceTotal

PaymentInterest

PaymentPrincipal

PaymentEnding

Balance1$ $ $ $ $ 2345

How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Interest paid $

How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.)

Total interest $

Reference no: EM132654544

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