Question: Problem 6-56 Amortization with Equal Principal Payments [LO3] Prepare an amortization schedule for a five-year loan of $55,000. Assume the loan agreement calls for a

Problem 6-56 Amortization with Equal Principal Payments [LO3] Prepare an amortization schedule for a five-year loan of $55,000. Assume the loan agreement calls for a principal reduction of $11,000 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 "O" wherever required.) How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

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