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Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $ 4 2 , 0 0 0 at a 6 % annual rate of interest to
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $ at a annual rate of
interest to be repaid over years. The loan is amortized into three equal, annual, endofyear payments.
a Calculate the annual, endofyear 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, endofyear loan payment is $
Round to the nearest cent.
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