James has a student loan of $40,000, which has terms of 6% annual interest rate with a 10-year payoff. James makes annual installment payments of $5,500, which include interest and principal

James has a student loan of $40,000, which has terms of 6% annual interest rate with a 10-year payoff. James makes annual installment payments of $5,500, which include interest and principal. a. Prepare an amortization table for the first three yearly payments, using the following format: Year Annual Payment Interest Expense Reduction in Unpaid Balance Unpaid Balance b.Prepare the journal entry for the third payment