Prepare an amortization schedule for a five-year loan of $56,000. Assume the loan agreement calls for a principal reduction of $11,200 every year. The interest rate is 7 percent per 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.)
- Beginning Balance
-Total Payment
- Interest Payment
- Principal Payment
- Ending Balance