Valley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting machinery.

Question:

Valley Produce received $50,000 in vendor financing at 7.8% compounded semiannually for the purchase of harvesting machinery. The contract requires annual payments of $10,000 (except for a smaller final payment). Construct the complete amortization schedule for the debt. How much interest will be paid over the entire life of the loan?