\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|l|}{ Amortization schedule } \\ \hline Loan amount to be repaid (PV) & $16,000.00 & & & & \\ \hline Interest rate (r) & 7.00% & & & & \\ \hline Length of loan (in years) & 3 & & & & \\ \hline a. Setting up amortization table & & Formula & & & \\ \hline Calculation of loan payment & & \#N/A & & & \\ \hline Year & Beginning Balance & Payment & Interest & RepaymentofPrincipal & Remaining Balance \\ \hline \multicolumn{6}{|l|}{1} \\ \hline \multicolumn{6}{|l|}{2} \\ \hline \multicolumn{6}{|l|}{3} \\ \hline \multicolumn{6}{|c|}{ b. Calculating % of Payment Representing Interest and Principal for Each Year } \\ \hline Year & Payment%RepresentingInterest & Payment%RepresentingPrincipal & Check:Total=100% & & \\ \hline \\ \hline \multicolumn{6}{|l|}{2} \\ \hline 3 & & & & & \\ \hline \end{tabular} a. Complete an amortization schedule for a $16,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 7% compounded annually. Round all answers to the nearest cent