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Please show the works P5-48 Loan amortization schedule Joan Messineo borrowed $45,000 at a 4% annual rate of interest that she must repay over 3
Please show the works
P5-48 Loan amortization schedule Joan Messineo borrowed $45,000 at a 4% annual rate of interest that she must repay over 3 years. The loan is amortized into three equal, end-of-year payments. a. Calculate the end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal break- down of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of timeStep by Step Solution
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