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(Solution Download) Prepare an amortization schedule for a three-year loan of $84,000. The interest rate is 9 percent pe


 

 

 

 

 

 

 

Prepare an amortization schedule for a three-year loan of

 

$84,000. The interest rate is 9 percent per year, and the loan

 

agreement calls for a principal reduction of $28,000 every year.

 

How much total interest is paid over the life of the loan?

 

(Enter rounded answers as directed, but do

 

not use rounded numbers in intermediate calculations.

 

Leave no cells blank. You must enter '0'

 

for the answer to grade correctly.)

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

 

Beginning

 

Balance

 

 

Total

 

Payment

 

 

Interest

 

Payment

 

 

Principal

 

Payment

 

 

Ending

 

Balance

 

 

1

 

 

$  

 

 

$  

 

 

$  

 

 

$  

 

 

$  

 

 

2

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

3

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

Total

 

interest

 

$  

 

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