3. Complete an amortization schedule for a $31,000 loan to be tepaid in equal instalments at the end of each of the next three yearn. The interest rate is 8 . compounded annually. Round af answers to the nearest cent. c. Why do these percentages change over time? outstanding balance declines. outstanding baiance declines. outstinsing bntsnct increases. 6. vvmat percentage of the payment represents interest and what percentage represents principal for esch of the three years? Round af answers to two decind pluces c. Why do these percentages change over time? L. These percentages change over time because even thouph the total payment is cosstant the amount of interest pud each year a decinng ais che inmanirg or outstanding balance decines. outstanding balance decines. outstanding balance increases. outstanding balance increases. V. These percentages do not change over time; interest and princopol are each a constant percintage of the totaf paymeat