Problem 6-59 Amortization with Equal Principal Payments (LO4) Prepare an amortization schedule for a five-year loan of $42,000. The interest rate is 8% per year, and the loan agreement calls for a principal reduction of $8,400 every year instead of equal annual payments. (Enter all amount as positive value. Leave no cells blank - be certain to enter " 0 "; wherever required. Omit $ sign in your response.) How much interest is paid in the third year? (Omit $ sign in your response.) Interest paid \$ How much total interest is paid over the life of the loan? (Omit $ sign in your response.) Total interest paid