European Designs, Inc. has negotiated a commercial loan with TLC Bank. The terms are that the company will borrow $210,000 for three years at 6.75% interest with level total payments. Do an amortization schedule for the loan and answer the following questions:
Amount of the interest payment in year one ________________
Amount of the principal payment in year two _______________
Amount of the total payment in year three _________________
Balance of the loan at the end of year two _________________
Total amount of interest paid over the life of the loan ________________
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