FIN3310 Assignment 12 Solutions Prof. Bo Wang 2. a. Set up an amortization schedule for a $19,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually. b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Why do these percentages change over time? a. your amortization schedule should look like this: Year Beginning Amount Payment Interest Repayment of Principal Ending Balance 1 2 3 Fill the table and show your calculations for the numbers in the table