Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.)
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Prepare an amortization schedule for a five-year loan of $71,500. 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. Leave no cells blank - be certain to enter "0" wherever required.) Beginning Balance Total Payment 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)
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