14. Amortized loans An amortization table reports the amount of interest and principal contained within each regularly scheduled payment used to repay an amortized loan Example Amortization Schedule Beginning Amount Payment Repayment of Principal Ending Balance Year Interest 1 2 3 In completing an amortization schedule, the payments are in amount. The interest payments are calculated as a constant percentage of the loan's outstanding balance. The amount applied to the repayment of principal is over the life of the loan. Your dream is coming true! You are about to complete the purchase of your first home. To do so, you will borrow $100,000 from a savings and loan association that requires an interest rate of 7.00% on your loan. To simplify your workload, assume that you will repay your mortgage loan over the next four years by making annual payments at the end of each year Complete the following loan amortization table by selecting the correct answers BeginningAmount Payment Repaymentof Principal EndingBalance Year Interest $100,000 1 2 4