Loan interest deductions Liz Rogers just closed a $9,000 business loan that she must repay in three equal, end-of-year payments. The interest rate on the loan is 8%. As part of her firm's detailed financial planning, Liz wishes to determine the annual interest deduction attributable to the loan. (Because it is a business loan, the interest portion of each loan payment is tax-deductible to the business.) a. Determine the firm's annual loan payment. b. Prepare an amortization schedule for the loan. c. How much interest expense will Liz's firm have in each of the next 3 years as a result of this loan? a. The amount of the firm's equal, annual, end-of-year loan payment is S (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 you calculator instructions for specific details pertaining to your calculator