Complete an amortization schedule for a $46,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 8% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent.
What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places.
|% Interest||% Principal|
Why do these percentages change over time?
Select the correct answer.
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