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Calculate the? annual-end-of-year loan payment

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Joan Messineo borrowed ?$47,000 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.

  • Calculate the? annual, end-of-year loan payment.
  • Show a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments.
  • Explain why the interest portion of each payment declines with the passage of time.

Reference no: EM132623438

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