Problem 6-56 Amortization with Equal Principal Payments [LO3] Prepare an amortization schedule for a five-year...
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Problem 6-56 Amortization with Equal Principal Payments [LO3] Prepare an amortization schedule for a five-year loan of $71,000. Assume the loan agreement calls for a principal reduction of $14,200 every year. The interest rate is 7 percent per year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g. 32.16. Leave no cells blank.be certain to enter "0" wherever required) Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance Yoar 1 2 3 4 5 How much total interest is paid over the life of the loan? (Do not round Intermediate calculations and round your answer to the nearest whole number, 0.0.32.) Total interest paid
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