Video Excel Online Structured Activity: Amortization schedule A-2 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. mun Open spreadsheet a. Complete an amortization schedule for a $35,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 8% compounded annually. Round all answers to the nearest cent. Beginning Balance Repayment of Principal Year 1 Ending Balance Payment Interest $ $ $ $ 2 $ 5 $ 5 3 $ $ 5 $ 5. 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. x 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 Year 1: % Principal % % A-Z Year 2: % % Year 3: % c. Why do these percentages change over time? 1. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines II. These percentages change over time because even though the total payment is constant the amount of interest pold each year is increasing as the remaining or outstanding balance declines, III. These percentages change over time because even though the total payment is constant the amount of interest pald each years declining as the remaining or outstanding balance increases TV. These percentages change over time because even though the total payment is constant the amount of interest paid each year is increasing as the remaining or outstanding balance increases V. These percentages do not change over time, interest and principal are each a constant percentage of the total payment w Arial 10 B AY RS Amenities de 0 $15.000.00 0.00 3 Labe 4 03 5 Length in year) 5 a. Seing pamertimentable Calculation of payme 9 Formula pred 10 Yea Bling Blaner 11 Pey 1 12 2 13 2 14 13 Calculating Payerne gre Principal for Each Year Pyt Ren 17 1 18 2 19 3 20 Sheeti CON Waiting for.com 0023 MY 3 0 E F G H 1 C Representing Principal Payment Reputing Interest N-> 6 7 B -9 0 1 Formulas Check Total NL Year 1 2 3 www Interest ANA NA WNIA Reparo Principal NA WNA WNA Remaining Balance YNA NA WNA 2 Year Beginning Balance 3 Payment #N/A HNA 4 WNA 5 WNA WNA WNIA 6 7 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment Payment 28 Year Representing Representing in 9 Principal 1 WNIA ANIA 30 2 MNIA WNIA 31 3 MNA WNIA + Check Total100 ANA MNIA WNIA 3+ 35 Sheett -- Cinta Wade: 4 comane Wanool Sa ta