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Loan amortization schedule Personal Finance Problem Joan Messineo borrowed S45.000 at a 4% 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 breakdown 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 $ 16,215.68 (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 your calculator instructions for specific details pertaining to your calculator