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 a. Complete an amortization schedule for a $26,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 11% compounded annually. Round all answers to the nea rest cent. Beginning Repayment Ending Balance P_ayment Interest of Princip Balance 1 $ 26000.00 $ 10639.54 $ 2860.00 $ 7779.54 $ 18220.50 2 $ 15360.5 $ 10639.54 $ 1814.50 5}; 9504.53 $ 4720.92 3 $ 0 $ 10639.54 $ 950.45 $ 9504.53 $ 0.00 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: 24.87 % 75.13 % Year 2: 17.36% 82.64% Year 3: 9.09% 90.91 % Amortization schedule Loan amount to be repaid (PV) $26,000.00 Interest rate (r) 11.00% Length of loan (in years) 3 a. Setting up amortization table Formula Calculation of loan payment ($10,639.54) =PMT(0.11,3,26000,0,0) Repayment of Year Beginning Balance Payment Interest Principal Remaining Balance IN b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Year Representing Interest Principal Check: Total = 100% W N Formulas Repayment of Year Beginning Balance Payment Interest Principal Remaining Balance IN/A #N/A #N/A #N/A IN/A #N/A #N/A #NIA #N/A #N/A W N #N/A #N/A #N/A #N/A #N/A b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Year Representing Interest Principal Check: Total = 100% IN/A #N/A IN/A #N/A #N/A #N/A W N #N/A #N/A #N/A We'd love your feedback