Etivity: Amortization schedule Video Excel Online Structured Activity: Amortization schedule The data on a loan has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. BELLO Open spreadsheet a. Complete an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 8% compounded annually. Round all answers to the nearest cent Beginning Balance Repayment of Principal Ending Balance Year Payment Interest 1 $ $ $ $ 5 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: 9 % Year 3: Why in the narrant channemertime Next Back MacBook Air 80 888 F4 ga 77 F1 F5 $ # % & 7 c. Why do these percentages charge 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 or outstanding balance declines. II. 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 declines. 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 principal are each a constant percentage of the total payment Check My Work Reset Problem Back Next MacBook Air 000 OOO 30 F1 80 F3 F2 F4 F5 F6 F7 ! $ % &