Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 9 percent per

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 interest is paid in the third year? How much total interest is paid over the life of the loan? Year Cash Flow $1,900 2,300 4,500 5,100 1 3 4