D E F G 1 Amortization schedule 2 3 Loan amount to be repaid (PV) 4 Interest rate() 5 Length of loan (in years) 6 7. a. Setting up amortization table 8 Calculation of loan payment 9 $24,000.00 11.00% 3 Formula #N/A Repayment of Principal Remaining Balance WN - 8 + 10 Year Beginning Balance Payment Interest 11 12 13 14 15 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Representing Check: Total = 16 Year Interest Principal 100% 17 1 18 2 19 3 20 21 Formulas WN Repayment of Principal #N/A ANA #NA #N/A Remaining Balance ANIA #N/A AN/A 22 Year Beginning Balance Payment Interest 23 1 WNIA ANIA #N/A 24 2 #N/A ANIA 25 3 #N/A #N/A ANIA 26 27 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Representing Check Total 28 Year Interest Principal 100% 29 WNIA #NIA 30 UNIA N/A #N/A 31 WNIA #N/A #N/A 32 33 34 35 #N/A 1 2. 3 woration schedule The data on a lon has been collected in the Microsoft Online te below. Open the spreadsheet and perform the required analysis to newer the questions below Open sureshet 1. Complete un amorton schedule to $24,000 toan to be reading installments at the end of each of the next three years. The interest rate 137 compounded annually. Round all awwers to Beginning rt Ending YE Balance Payment Interest Balance 1 $ 2 $ + 3 1 b. what percentage of the payment presente interest and what percentage representa principal for each of the three year? Round answer to two decimal places Interest Yeart Year 2 Year cWw do these percentage change over time? These percentages change over time because even though the total payment is constant tre amount of interest paid ach year is declining as the remaining or outstanding balance decine 11. These percentages change over time because even though the total payment is contra the amount of interest and each year ring as the remaining or outstanding helandecies These percentages change over time because even though the total syment is constant the amount of interested each year e declining as the remaining or outstanding balance in 1. These percentages change over time because even though the total swyment is constant the amount of interest paid each year since the remaining or outstanding balanceres The percentages do not change over timers and principal reach a constant percentage of the total payment Check My Work
