Please show each formula, the step including beginning balance, total payment, interest payment, principal payment and ending balance by manually not excel. Please keep the information organized. Thank you.

Prepare an amortization schedule for a five-year loan of $70,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments.

(Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Leave no cells blank - be certain to enter "0" wherever required.)

Year	Beginning Balance	Total Payment	Interest Payment	Principal Payment	Ending Balance
1	$	$	$	$	$
2
3
4
5

How much interest is paid in the third year?

(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Interest paid

$

How much total interest is paid over the life of the loan?

(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Total interest paid

$