Loan amortization schedule Personal Finance Problem Joan Messineo borrowed 48.000 at a 5% 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 breakdown of each of the three loan 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 loan payment is $. (Round to the nearest cent.) b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. Many financial calculators have an amortization function which makes this process easy. Once the payment is determined in step a above, you can use the AMORT function to calculate the interest paid, principal paid and ending loan balance for each payment period. You should consult your calculator instructions for specific details pertaining to your calculator. What is the account balance at the beginning of year 1? (Round to the nearest cent.) Beginning of-year principal sr Loan payment Payments Interest Principal Year 1 End-of-year principal What is the amount of the loan payment at the end of year 1? (Round to the nearest cent.) Beginning of-year Loan End-of-year Year principal payment Interest Principal principal 1 $48.000 SO Payments What portion of the payment is applied to interest in year 1? (Round to the nearest cent.) Year 1 Beginning- of-year principal S48,000 Loan payment $17.628.01 Payments Interest Principal so End-of-year principal What portion of the payment is applied to the principal in year 1? (Round to the nearest cent.) Beginning of-year Loan Payments End-of-year Year principal payment Interest Principal principal 1 $48,000 $17.620.01 S2.400.00 What is the principal balance at the end of year 12 (Round to the nearest cent.) Beginning- of-year Loan Payments Year principal payment Interest Principal 1 $48,000 $17.828.01 $2.400.00 $15, 226.01 End-of-year principal Click to select your answer's). Aramak icin buraya yazn 3: w F) a 15:20