Loan amortization schedule Joan Messineo borrowed $15,000 at a 14% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual, end-of-year payments. Calculate the annual, end-of-year loan payment. Prepare a loan amortization schedule showing the interest and principal break-down of each of the three loan payments. Explain why the interest portion of each payment declines with the passage of time