10.

Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $42,000 at a 8% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual. end-of-year payments. a. Calculate the annual, end-of-yearloan payment. b. Prepare a loan amortization sohedule showing the interest and pincipal breakdown of each of the three toan payments. c. Explain why the interest portion of each payment declines with the passage of time: a. The amount of the equal annual end-of-year toan pay. mentis s Found to the nearest sent