Prepare an amortization schedule for a three-year loan of $60,000. The interest
ID: 2622816 • Letter: P
Question
Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Do not include the dollar signs ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16). 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
Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Do not include the dollar signs ($). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places (e.g., 32.16). Leave no cells blank. You must enter '0' for the answer to grade correctly.)
Explanation / Answer
Year Beginning Total Interest Principal Ending Balance Payment Payment Payment Balance 1 60,000.00 23,703.29 5,400.00 18,303.29 41,696.71 2 41,696.71 23,703.29 3,752.70 19,950.59 21,746.12 3 21,746.12 23,703.29 1,957.17 21,746.12 0.00 Total interest 11,109.87