4)Mario Morales borrowed $ 15,000 at an interest rate of 14% to be paid in 3 years. The loan must be repaid in three equal payments at the end of each year.

a)Calculate the annual payment to be made.

b)Prepare an amortization table that shows the principal and interest payment, as well as the loan balance for each year.

c)Explain why the interest portion of each payment decreases over time.