Prepare an amortization schedule for a five-year loan of $71,500. the interest rate is 7 percent per year, and the loan calls for equal annual payments. (do not round ntermediate calculations and round your answers to 2 decimal places, e. g. 32.16 leave no cells blank-be certain to enter "o" wherever required.) 35 beginning balance total payment 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) 70#81-ell] < prey next > 3 9

Year Carrying value Interest Amortization year-end outstanding

171,500     5,005         12,433.1859066.82

259,066.82   4,134.6813,303.5145763.31

345,763.31    3,203.4314,234.7531528.55

431,528.55   2,207.0015,231. 1916297.39

516,297.37    1, 140.82      16,297.37         0

Interest on the third year: $ 3.203.43

Explanation:

First step will be to calcualte the quota:

PV71,500

time5

rate0.07

C  $ 17,438.185

Now, we can build up the schedule:

The interest are the carrying value times 7% interest rate

The amortization is the quota less interest expense

And the year-end is the beginning less amortization

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