Question: Looking for the formula and breakdown for the following question ? Amortization with Equal Payments- Prepare an amortization schedule for a five-year loan of $67,500.

Looking for the formula and breakdown for the following question ?

Amortization with Equal Payments- Prepare an amortization schedule for a five-year loan of $67,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much interest paid in the third year ? How much total interest is paid over the life of the loan ?

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