a. Complete an amortization schedule for a $21,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 7% compounded annually. Round all answers to the nearest cent. Year Beginning Balance Payment Interest 1 $ 21000 785.41 1470 2 $ 19529.60 785.41 $ 3 18162.13 785.71 $ 1367.07 X 1261.35 X Repayment of Principal tA $ +A +A Ending Balance 19529.60X 18162.13 X 16890.78 X b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Round all answers to two decimal places. % Interest % Principal Year 1: 14270 % 615.41 % Year 2: 1367.07 % 618.34 X% Year 3: 1261.35 % 64.53 % c. Why do these percentages change over time? I. 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 declines. II. 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 Back