Setting up an amortization schedule

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Reference no: EM13123191

Amortization schedule:

a) Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 10 percent, compounded annually.

b) What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Why do these percentages change over time?

Reference no: EM13123191

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