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a. Complete an amortization schedule for a $42,000 loan to be repaid in equal installments at the end of each of the next three years.

a. Complete an amortization schedule for a $42,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 10% compounded annually. Round all answers to the nearest cent.

BEGINNING BALANCE PAYMENT INTEREST REPAYMENT OF PRINCIPAL ENDINGBALANCE

YEAR 1

YEAR 2

YEAR 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 % Principal

Year 1: __% _%

Year 2: _% _%

Year 3: % _____%

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	% Interest	% Principal
Year 1:	______%	_______%
Year 2:	_____%	_______%
Year 3:	______%	_______%