a. Complete an amortization schedule for a $31,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12 % compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your 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? Do not round intermediate calculations. Round your answers to two decimal places. % Principal % Interest Year 1: % Year 2: Year 3: % 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. 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 balane increases. V. These Dercentaaes do not chanae over time: interest and orincipal are each a constant percentace of the total bavment. Beginning Repayment Ending Year Balance Payment of Principal Interest Balance 1 $ 2 3 b. What percentage of the payment represents interest and what percentage represents principal for each of the three years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % Year 2: % Year 3: % % Why do these percentages change over time? I. These percentages change over time because eveh though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance dedines. II. These pefcentages 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 balarice 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