How much total interest is paid over the life of the loan?

Prepare an amortization schedule for a five-year loan of $55000. The interest rate is 8 percent per Show more Prepare an amortization schedule for a five-year loan of $55000. The interest rate is 8 percent per year and the loan calls for equal annual payments. (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.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places e.g. 32.16.) Interest paid $ How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places e.g. 32.16.) Total interest paid $ Show less

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