Question: Problems & Excel Simulations - Chapter 05 Saved 10 Prepare an amortization schedule for a three-year loan of $78,000. The interest rate is 11 percent

Problems & Excel Simulations - Chapter 05 Saved 10 Prepare an amortization schedule for a three-year loan of $78,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter 'O' where necessary. Do not round Intermediate calculations and round your answers to 2 decimal places, e.g.. 32.16.) 10 points Year Principal Payment Ending Balance ebook 1 $ Beginning Total Balance Payment 78,000.00 $ 31.918.625 54,661.38 31.018.62 28,755 51 31.018.62 Total interest Interest Payment 8,580 00 6,012.75 3.163.11 2 3 Phi References

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