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Calculate the end-of-year loan payment

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Reference no: EM132485990

Joan Messineo borrowed $45,000 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.

Question 1: Calculate the end-of-year loan payment. Show Calculation

Question 2: Preparing a loan amortization schedule showing the interest and principal break-down of each of the three loan payments.

Question 3: Explain why the interest portion of each payment declines with the passage of time.

Question 4: What adjustments would have to be made to this problem's calculations to more accurately reflect a 15 or 30 year mortgage loan amortization table?

Reference no: EM132485990

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