Loan amortization schedule Personal Finance Problem Joan Messineo borrowed
?$19, 000 at a 17?% 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 breadown 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 $_________