Q3. Damon Bloomberg is considering borrowing $35,500 at 8% annual rate of interest to be repaid over eight years. The loan is amortized into eight equal, annual, end of the year payments. (Bonus) a. Calculate the annual, end-of-year loan payment. (Hint: use the PMT function in Excel) b. Prepare a loan amortization schedule using the table below showing the interest and principal breakdown of each of the three loan payments. Beginning of Payments End of Year Loan Payment End of Year Principal Year Principal Interest Principal c. Explain why the interest portion of each payment declines with the passage of time. d. What are the total interests and total principal paid over the 8 years