wity. Amortization schedule Excel Online Structured Activity: Amortization schedule 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. X Open spreadshee a. Complete an amortization schedule for a $30,000 loan to be repaid in equal installments at the end of each of the next three years. The interest rate is 12% compounded annually. Round all answers to the nearest cent Ending Beginning Balance Repayment of Prindpal Year Payment Interest Balance 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: Year 2: 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. Amortization schedule 3 4 Loan amount to be repaid PV Interest rate ) Length of loan in years) $30,000.00 12.00% a. Setting up amortization table Calculation of loan payment Formula NNYA $12,490.47 Repayment of Principal Payment Remaining Balance Beginning Balance $30.000 DO 15 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Representing interest Payment % Representing Principal Check Total 100% Formulas 98 NRXX Payment Remaining Balance Beginning Balance NA ANA INA WNA Interest WNA NIA INIA Repayment of Principal UNA NA UNA UNA UNA 27 b. Calculating % of Payment Representing Interest and Principal for Each Year Sheet1 a Saved to engage $12.490.47 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Representing Interest Payment % Representing Principal Check: Total = 100% Formulas Repayment of Principal WNA Interest NA Remaining Balance Beginning Balance WNA WNA Payment NA INA WNA UNA ANA WNA ONA WNA b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Payment % Representing Year Representing Interest Principal WNA INA #NA ANA ANA ANA 100% Check: Total UNA WNA UNIA