Connecured Activity ortization schedule The data on alon has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below Open spreadsheet a. Complete an amortization schedule for a $15,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 6 compounded annually. Round all answers to the nearestant Your 1 Beginning BE Repayment of Principal Payment Interest Ending al $ $ $ 2 5 $ S 3 $ D. What percentage of the payment represents interest and what percentage represents principal for ench of the three years? Round Manswers to two decimal places Interest Principal Year 1 Year 2: Year 3: Why do these percentages change over time? L. These percentages change over time because even though the total payment constant the amount of interested each year is dedining as the remaining or outstanding tance decines II. These percentages change over time because even though the total payment constant the amount of interested each year increasing as the remaining or outstanding balance dedias II. These percentages change over time because even though the total payment constant the amount of internet paid each year dening as the remaining or outstanding balance increases IV. These percentages change over time because even though the total payment is constant the amount of terest paid each year is increasing as the remaining or outstanding balance in V. These percentages do not change over times werest and animal are each a constant percentage of the total payment My Won Honel Prutem B8 C D E A Amortization schedule 1 2 3 4 5 6 7 8 9 Loan amount to be repaid (PV) Interest rate ) Length of loan (in years) $11,000.00 6.00% 3 a. Setting up amortization table Calculation of loan payment Formula WNIA Repayment of Principal Beginning Balance Payment Interest Remaining Balance 10 11 12 13 Year 1 2 3 Check: Total 100% 15 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Representing 16 Year Interest Principal 17 1 18 2 19 3 20 21 Formulas Interest N/A #N/A #N/A Repayment of Principal #N/A AIN/A ENIA Remaining Balance N/A #N/A #NIA 22 Year Beginning Balance Payment 23 1 #NIA #N/A 24 2 #N/A #N/A 25 3 ANIA #N/A 26 27 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Representing 28 Year Interest Principal 29 1 #N/A ANIA 30 2 ANIA #N/A 31 3 #N/A #N/A 32 33 34 35 36 37 Check: Total 100% WN/A #NA WNA Sheet1 +