Excel Online Structured Activity: Amerization schedule The date on a loan has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below Open spreadsheet 2. Complete an amortization schedule for a $13,000 toon to be repaid in equal installments at the end of each of the next three years. The interest rate is 6% compounded annually. Round all answers to the nearest cent. Beginning Balance Repayment of Principal Ending Balance Payment Interest Yoa: 1 $ 5 $ $ 3 b. What percentage or the payment represents Interest and what percentage represents principal for each of the three years? Round all answers to two decimal places Principal Interest Yeart Year 2: Year 31 Why do these percentages change over time? 1. 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. 1. These percentages change over time because aven 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 peid 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 times interest and principal are each a constant percentage of the total payment. 1 Amortization schedule 513.000.00 80 Loan amount to be repaid VI 4 Interest rate 5 Long aftan on years 1 Sating up amortizationale Calcuato a payment Formula NA 10 Beginning Repayment of Paintial Payment Remaining Balan 2 Check Total 100% 15. Calculating of Payment Representing Interest and Principal for Each Year Pay Payment Representing Representing 16 Year Interest Principal 10 2 19 3 21 Formula Bagi Batecs Pamant NA TA NA FINA NA Caloisting of Payment Representing Internet and Principal for Each Yun Payment Payment Representing Representing Yee interest Prince ANA NA 2 NA NA 3 wa Repayment of Pencil NA NA NA Remaining Balance NA NA ANA NA NA Check Total 100% ANA ANA 3