8. Problem 5.34 (Amortization Schedule) ebook Problem Walk-Through a. Complete an amortization schedule for a $29,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 12% compounded annually. If an amount is zero, enter "o". Do not round intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Remaining Year Balance Payment Interest of Principal Balance 1 $ $ 5 2 3 b. What percentage of the payment represents Interest and what percentage represents principal for each of the 3 years? Do not rourid intermediate calculations. Round your answers to two decimal places % Interest % Principal Year 1 Year 2: Year 3 Why do these percentages change over time? 1. These percentages change over time because even though the total payment is constant the amount of interest paid each year is dedining as the remaining or outstanding balance declines 11. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance declines III. These percentages change over time because even though the total payment is constant the amount of Interest paid each year is declining as the remaining or outstanding balance increases IV. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance increases V. These percentages do not change over time interest and principal are each a constant percentage of the total payment Select 9. Problem 5.36 (Nonannual Compounding) eBook a. You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. the bank pays 10% nominal interest, compounded semiannually, how much will be in your account after 3 years? Do not round Intermediate calculations Round your answer to the nearest cent. $ b. One year from today you must make a payment of $14,000 To prepare for this payment, you plan to make two equat quarterly depouts at the end of Quarters 1 and 2) in a bank that paya 10% nominal interest compounded quarterly. How farge must each of the two payments be? Do not round Intermediate calculations. Round your answer to the nearest cent $