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Ch 05: End-of-Chapter Problems - Time Value of Money Back to Assignment Average / 22 34. Problem 5.34 (Amortization Schedule) elook Problem Walkthrough Complete an amortization schedule for a $28,000 loan to be repaid in equal instaliments at the end of each of the next 3 years. The interest rate is 10% compounded annually. If an amount is ere, enter Do not round intermediate calculations. Round your answers to the nearest cent Beginning Repayment Remaining Year Balance Interest Balance 15 2 what percentage of the payment represents interest and what percentage represents principal for each of the years? Do not round intermediate calculations. Round your answers to two decimal glaces Interest Principal Y Year Year 3 Why do these pages change over 1. The change over time because even though the parent is constant the amount of interest Baldach year is declining as the remaining or outstanding balance dedi IL These rechange our time because even though the total payment is content the amount of interest and each year is increasing as the remaining or outstanding balance Medines m. These percentages change over times the then contratach year is deteng as the remanger outstanding balance increases I the percentages change over time be the menta constant the most feestdach years in the remaining or outstanding an increases These percentages not change over times interest and care constant percentage of the totalement