8. Problem 5.34 (Amortization Schedule) eBook Problem Walk-Through a. Complete an amortization schedule for a $23,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 7% compounded annually. If an amount is zero, entero. Do not round Intermediate calculations. Round your answers to the nearest cent. Beginning Repayment Remaining Balance Payment Interest of Principal Balance 1 5 $ $ 2 3 b. what percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places Interest Principal Year 1: Year 2 Year 3 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 of outstanding balance decines II. The percentage chance over time because even thought total payment is constant the amount of interest paid each year is increasing as the remaining of outstanding balance dedines 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 brincipal are each a constant percentage of the total sayment. -Select