In question 5 on the previous homework, you calculated what the schedule would look like if Janet had made one $285.05 payment in January 2022. This new calculation has Janet curious -- how would the loan had changed if she'd been making $285.05 payments for the entire duration of the loan Follow the directions below and use the new amortization schedule to begin completing this homework. 1. Using the com loan calculator e, enter in the original loan amount ($3500), loan term (2 years), and interest rate (24%). 2. Then, click on "Calculate to get the monthly loan payment of $185.05. 3. Click "Show Amortization Schedule" and scroll down to the table. Make sure that the "Start Date" of the payment in the table is 12/01/2020. The table should look exactly like the one in the previous homework. 4. Click on "Add Extra Payment," and add $100 to your monthly payment. Click "Apply Extra Payments." The amortization schedule will be updated to reflect monthly payments of $285.05. How much less total interest Janet will pay by the end of her loan? $ How many less months will it take her to pay off the loan? Reset Janet's loan back to $3500, 24% interest, but pretend she decided from the start that her pay-off goal was 4 years instead of 2 (change the term to 4 years). What's the new monthly payment? $ How much more interest will she pay in total? $ Look at the very first payment month. What do you notice about the principal and the interest? Janet is paying [ Select ] in interest than she is in [ Select ] Complete the following statements to explain how loan payments work. Amortization is a scheduled breakdown of how much you'll pay every [Select ] (fixed) to repay a loan. It shows what portion of your payment is going to interest and principal each month. Every month, you pay the interest due first, and then all remaining portions of your payment goes toward paying down the Select ] balance. As your total balance decreases over time, the amount of interest you owe each month [ Select] , and the amount you put toward principal increases