Prepare an amortization schedule for a five-year loan of $71,500. Assume the interest rate is 7 percent per year and the loan agreement calls for a principal reduction of $14,300 every 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.) How much total interest is paid over the life of the loan

Respuesta :

Answer:

$15,015.00

Explanation:

Note: See the attached excel file for the loan amortization schedule.

The amount of total interest that is paid over the life of the loan is $15,015.00  

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