Please show all formulas and calculations.

Prepare an amortization schedule for a five-year loan of $53,000. The interest rate is 7 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).)

Year	Beginning Balance	Total Payment	Interest Payment	Principal Payment	Ending Balance
1	$ 53000	$	$	$	$ 43,817.91
2
3
4
5

The interest rate is 7 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 round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

Total interest paid

$