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ADOU Udi No 10. Te. -Term 1 Time Remaining: 01:27:41 Subm This Question: 1 pt 2 of 10 ( complete) This Test: 10 pts p Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $50,000 at a 6% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments a , 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 $(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 What is the account balance at the beginning of year 12 (Round to the nearest cent) Beginning of year Loan Payments End of year Year principal payment Interest Principal principal 1 SI What is the amount of the loan payment at the end of year 12 (Round to the nearest cent.) Year 1 Beginning of year principal 5 nnn Loan payment s! Payments Interest Principal End of year principal Click to select your answer(s) Type here to search ORI 3) A 0 10:29 PM 4/25/2021