Joan messineo borrowed 14000.00 at a 13 percent annual rate of interest to be repaid over 3 years . the loan is amortized into 3 equal , annual, end of year payments.

The amount of equal annual end of year loan payment is ....

Prepare a loan amortization schedule showing the interest and principle breakdown of each of the 3 loan payments

Explain why the interest portion of each payment declines with the passage of time