Prepare an amortization schedule for a three-year loan of $84,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan

Amortization Schedule

Year   Payment       Principal          Interest           Balance

1        35,560.00     28,000.00      7,560.00         56,000.00

2       33,040.00     28,000.00      5,040.00         28,000.00

3       30,520.00     28,000.00      2,520.00         0.00

Explanation:

Loan of $84,000.00 at 9% interest  with 3 annual payments  at Constant Principal Payments of  $28000 .

Total Payments: $99,120.00 Total Interest: $15,120.00

The Interest payment and principal amount is gradually decreased with principal value of the loan. The principal value at the end of the year 3 is zero.

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