Access an online loan calculator with annual payments, such as the one at

mycalculators.com, to produce an amortization schedule for Welton Corporation's installment note that has original principal of $$55,000,$ interest of $10$ percent compounded annually, and a term of $3$ years. $($Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.$)$

$10$

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?

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

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

References

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 $1?$

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

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

Show less $4$

$\backslash$table$[[($a$)$ Annual Payment,$],[($b$)$ Interest year $1,],[($c$)$ Principal year $1,],[($d$)$ Interest year $2,]]$