a. Complete an amortization schedule for a $29,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Year 1 2 3 $ $ $ Year 1: Year 2: Year 3: Beginning Balance 29000 $ 18438.21 $ $ % Interest 1305.39 $ 2028.20 $ $ 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. 4.5% % Payment % 11867.18 $ 11867.18 $ 11867.18 $ % Principal 36% Interest % % Repayment of Principal 10561.79 $ $ $ Ending Balance 18438.21 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 declining as the remaining or outstanding balance increases.

a. Complete an amortization schedule for a $29,000 loan to be repaid in equal instaliments at the end of cach of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. 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 c. Why do these percentages change over time? 1. These percentages change over time becouse even though the total payment is constant the amount of interest paid each year is dectining as the remaining of 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 reinaining or outstanding balance dedines: III. These percentages change over time because even though the totai payment is constant the amount of interest ped each year is decining as the remaining of outstandina balance increases