Prepare an amortization schedule for a five-year loan of $63,000. Assume the interest rate is 8 percent per year and the loan agreement calls for a principal reduction of $12,600 every year.
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?
| Prepare an amortization schedule for a five-year loan of $63,000. Assume the interest rate is 8 percent per year and the loan agreement calls for a principal reduction of $12,600 every year. |
| 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? |
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Related questions
Prepare an amortization schedule for a 3-year loan of $41,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments.
| Year | Beginning Balance | Total Payment | Interest Payment | Principal payment | Ending Balance |
| 1 | |||||
| 2 | |||||
| 3 |
Total Interest paid:
| Prepare an amortization schedule for a five-year loan of $61,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your final answer 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 interest is paid in the third year? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Interest paid | $ |
| The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) |
| Total interest paid | $ |
