Prepare an amortization schedule for a three-year loan of $63,000. The interest rate is 10 percent per year, and the loa

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Prepare An Amortization Schedule For A Three Year Loan Of 63 000 The Interest Rate Is 10 Percent Per Year And The Loa 1 (34.82 KiB) Viewed 13 times

Prepare an amortization schedule for a three-year loan of $63,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3 $ 63,000.00 $ 19,033.23 42,966.77 25,333.23 $ 25,333.23 25,333.23 Total interest $ 6,300.00 $ 4,396.68 2,303.02 12,999.70 19,033.23 $ 20,936.56 23,030.21 43,966.77 23,030.21 0.00