Excel Online Structured Activity: Amortization schedule The data 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.. X Open spreadsheet a. 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 7% compounded annually. Round all answers to the nearest cent. Year 1 $ 2 $ 3 $ Beginning Balance $ $ Payment Interest Repayment of Principal Ending Balance $ $ $ $ $ $ $ $ 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 1:1 Year 2: % % Year 3: % c. 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. 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. IV ock My Work Reset Problem V 2 A amount to be repaid (PV) 3 4 st rate (r) 5 th of loan (in years) 6 7 etting up amortization table 8 ulation of loan payment 9. $22,000.00 7.00% 3 Formula #N/A D E F 11 012345 Year Beginning Balance Payment Interest Repayment of Principal Remaining Balance. 1 14 2 3 15 alculating % of Payment Representing Interest and Principal for Each Year 1166 16 Year 17 1 18 19 -23 20 Payment % Representing Interest Payment % Representing Principal Check: Total= 100% 21 julas 222222 Year Beginning Balance Payment Interest Repayment of Principal Remaining Balance 23 1 #N/A #N/A #N/A #N/A #N/A 24 2 #N/A #N/A #N/A #N/A #N/A 25 3 #N/A #N/A #N/A #N/A #N/A 26 27 alculating % of Payment Representing Interest and Principal for Each Year Payment% 28 Year 29 30 31 5123 32 n Payment% Representing Representing Check: Total = Interest Principal 100% #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A