Guest : Obout blank Excel template - Saved Search (Alta Home re Di Page Layout Comments Formulas Data Review View Mely Editing Anal 10 A. B General 1 G 1 K 0 H 1 Arrabonche 33 000.00 Ito Loan amount to be rep w Length of years Sating up amortion table Con la part Formu NA 10 Your 12 16 15 Catering and for Each Pay Pay Rare DY 10 18 19 Repayment of Interest WiFi VINE NA Hemangha ANTA KA NA NA Vi INA Your Beginning Matance Payment 1 NA NA 25 UNA 26 3 b. Chings of Payment Representing interest and Principal for Each Your Payment Phymes Rurg Heren Ver 1 WA 2 UA + Check To Whe WA 3 VI VI BEREIRA Ad 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 been spreadshes a. Complete an amortization schedule for a $23,000 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. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ 5 5 $ 2 $ $ $ $ $ 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 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? 1. These percentages change over time because even though the total payment is constant the amount of interest pald 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 pold 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 pald 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