Complete an amortization schedule for a $22,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nearest cent. Year Beginning Balance Repayment Payment Interest of Principal Ending Balance 1 I $ 2 $ Numeric field $ $ $ $ $ $ $ $ 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: % % % % c. 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