Prepare an amortization schedule for a five-year loan

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Reference no: EM133377560

Question: Prepare an amortization schedule for a five-year loan of $58,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.)

a. 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.)

b. How much total interest is paid over the life of the loan

Reference no: EM133377560

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