a. Complete an amortization schedule for a $22,000 loan to be repeld in equal instaliments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance $ $ $ 1 $ $ 2 $ $ $ 3 $ 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 Year 11 Principal 90 4 Year 2: Year 3: % c. 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 declining 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