Question: 34. Amortization schedule: A. Set up an amortization schedule for a $19000 loan to be repaid in equal installments at the end of each of

34. Amortization schedule:

A. Set up an amortization schedule for a $19000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually.

N = 3

Interest = 8

PV=19000

FV= 0

PMT = $7372.64

B. What percentage of the payment respresents interest and what percentage represents principal for each of the 3 years? Why do these percentages change over time?

I'm having trouble figuring out part B. Please provide the formulas necessary and also how to find the answer with a Finance calculator. Thank you!

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