Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporations installment note that has original principal of $16,000, interest of 7 percent compounded annually, and a term of 3 years. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

Required:

(a) What is the annual payment?

(b) Of this amount, how much represents interest in year 1?

(c) How much principal is included in the year 1 payment?

(d) How much interest is included in the year 2 payment?

(e) Over time, has the interest become a smaller or larger component of the annual payment?

Complete this question by entering your answers in the tabs below. Req A to D Req E (a) What is the annual payment? (b) of this amount, how much represents interest in year 1? () How much principal is included in the year 1 payment? (d) How much interest is included in the year 2 payment? (a) Annual Payment (b) Interest year 1 |(c) Principal year 1 (d) Interest year 2 Complete this question by entering your answers in the tabs below. Req A to D Req E Over time, has the interest become a smaller or larger component of the annual payment? Smaller Larger