1Prepare a amortization schedule for a three-year loan of $114,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan?

2Suppose 2 athletes sign 10-year contracts for $80 million.In one case, we're told that the $80 million will be paid in 10 equal instalments.In the other case, we're told that the $80 million will be paid in 10 instalments, but the instalments will increase by 5% per year.Who got a better deal and why?