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Joan Messineo borrowed $15,000 at a 15% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual,

Joan Messineo borrowed $15,000 at a 15% 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-year loan payment.

b.Prepare a loan amortization schedule showing the interest and principal breadown of each of the three loan payments.

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