Prepare an amortization schedule for a three-year loan of $69,000. The interest

Question

Prepare an amortization schedule for a three-year loan of $69,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?(Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank. You must enter '0' for the answer to grade correctly.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 $ $ $ $ $ 3 $ $ $ $ $ Total interst $ ????

Explanation / Answer

Hi. Please find the schedule as follows: Payment Duration 36 Months Monthly EMI 2162.21 Total Amount with Interest 77839.56 Total Interest Amount 8839.56 Yearly Interest Amount 2946.52 Thanks, Aman

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