Review the amortization schedule for a five-year loan of $67,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

Loan Amount 67,500

Interest Rate 7 %

Loan Term 5

excel formulas, format All answers should be positive.

Loan Payment

Year Beginning Balance Total Payments Interest Paid Principal Paid Ending Balance

1

2

3

4

5

Total Interest paid:

Should be worked in excel with formulas.