Question 3 4.2 pts Refer to the amortization schedule below for a five-year loan of $67,500. The interest rate is 7% per annum and the loan calls for a principal reduction of $13,500 annually. Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 18225.00 4725.00 54000.00 1 $67,500.00 $13,500.00 17280.00 3780.00 40500.00 2 $13,500.00 3 $16,335.00 $2,835.00 $13,500.00 $27,000.00 4 $27,000.00 $15.390.00 $1,890.00 $13,500.00 $13,500.00 5 $13,500.00 $14,445.00 $945.00 $13,500.00 $0.00 Note: Use this step: Find the interest payment for Year 1, later calculate Year 1 Total payment (Total payment = Principal + interest). Finally compute the ending balance (Ending Balance = Beginning Balance - Pricipal Payment). Ending balance for Year 1 is the beginning balance for Year 2, and so on. How much total interest is paid over the life of the loan? Enter your answer (Note: Enter your answers without dollar sign and round them up to two decimal points. Example: $10,346.899 as 10346.90)