please show steps **Do NOT use excel**

3. 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 is paid in the third year? Third Year 4. Rework problem 3 assuming that the loan agreement calls for a principal reduction of $13,500 every year instead of equal annual payments. Third Year