Personal Finance Problem

P$5-48$ Loan amortization schedule Joan Messineo borrowed $545,000$ 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 breakdown of each of the three loan payments.

c$.$ Explain why the interest portion of each payment declines with the passage of time.