P$3-38.$ Joan Messineo borrowed $$15,000$ at a $14\%$ annual interest rate to be repaid over three 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.