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.

Open spreadsheet

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.

$\backslash$table$[[,\%$ Interest,$\%$ Principal$],[$Year $1$:$,\%,],[$Year $2$:$,\%,],[$Year $3$:$,\%,]]$

c$.$ Why do these percentages change over time?

V$.$ These percentages do not change over time; interest and principal are each a constant percentage of the total payment.