Prepare an amortization schedule for a five-year loan of $61,000. Assume the loan agreement calls for a principal reduction of $12,200 every year. The interest rate is 8 percent per year. (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.)

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

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Certainly Heres the amortization schedule for the fiveyear l... View the full answer