Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $$49,000$ 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.$)$