Prepare an amortization schedule for a five-year loan of $42,000. The interest rate is 8% per year, and the loan calls f
Posted: Sun Jul 03, 2022 6:42 am
Prepare an amortization schedule for a five-year loan of$42,000. The interest rate is 8% per year, and the loan callsfor equal annual payments. (Do not round intermediatecalculations. Enter all amount as positive value. Round the finalanswers to 2 decimal places. Leave no cells blank - be certain toenter "0" wherever required. Omit $ sign in yourresponse.)
How much interest is paid in the third year? (Donot round intermediate calculations. Round the final answer to 2decimal places. Omit $ sign in yourresponse.)
Interest paid $
How much total interest is paid over the life of theloan? (Do not round intermediate calculations. Roundthe final answer to 2 decimal places. Omit $sign in your response.)
Total interest $
How much interest is paid in the third year? (Donot round intermediate calculations. Round the final answer to 2decimal places. Omit $ sign in yourresponse.)
Interest paid $
How much total interest is paid over the life of theloan? (Do not round intermediate calculations. Roundthe final answer to 2 decimal places. Omit $sign in your response.)
Total interest $