Amortization schedule

a. Complete an amortization schedule for a $35,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 10% compounded annually. Round all answers to the nearest cent. Beginning Repayment Ending Year Balance Payment Interest of Principal Balance

Beginning Balance, Payment, Interest, Principal, Ending Balance

1 $ ------ $------- $ -------- $---------- $----------

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.

% Interest % Principal

Year 1: ---% ---%

Year 2: ---% ---%

Year 3: ---% ---%