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Loan amortization schedule Personal Finance Problem Joan Messino borrowed $47

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Loan amortization schedule Personal Finance Problem Joan Messino borrowed $47.000 at a 3% annual rate of interest to be repaid over 3 years The loan is amortized into the equal anaendelea a Calculate the annual, ond of year loan payment. b. Prepare a loan amortization schedule showing the interest and principal breakdown of ouch 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, ond-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 my Once the paymes 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 estructions for specific details pertaining to your calculator What is the account balance at the beginning of your 12 (Round to the nearest cent) Beginning of-year principal su Loan payment Payments Interest Principal End-of-year principal Year 1 What is the amount of the loan payment at the end of year 12 (Round to the nearest cent) Beginning of-year Payments Loan End-of-year Year principal payment Interest Principal principal $47.000 SO What portion of the payment is applied to interest in your 17 Round to the nearest cent) Beginning Payments End-of-year Loan of-year Year principal payment Interest Principal principal Click to select your answer(s)