b$.$ What percentage of the payment represents interest and what percentage represents principal for each of the $3$ years? Do not round intermediate calculations. Round your answers to

two decimal places.

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

balance increases.

V$.$ These percentages do not change over time; interest and principal are each a constant percentage of the total payment.