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a. Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10% compounded annually.

b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Why do these percentages change over time?

b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Why do these percentages change over time?

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