Prepare an amortization schedule for a five year loan of $58,500. The interest rate is 6% per year and the loan cost for equalannual payments. How much interest is paid in the third year? how much total interest is paid over the life of the loan?Loan amount $Interest rateLoan termOutput area:58,5006%5Loan payment$13,887.69Year Beginning balance1 $58,500.00Total payment Interest paid Principal paid Ending balance$ 13,887.69 $ 3,510.00 $ 10,377.69 $48,122.312345Total interest paid over life of loan

The objective of the question is to prepare an amortization schedule for a five-year loan of $58,500…

Answered: Prepare an amortization schedule for a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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