What percentage of the payment represents interest

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Reference no: EM13302066

Set up an amortization schedule for a $11,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8%, compounded annually. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Round all answers to the nearest hundredth.

% Interest % Principal
Year 1: % %
Year 2: % %
Year 3: % %

Reference no: EM13302066

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