Joan messineo borrowed 16000 at a 12 annual rate of, Ask an Expert

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Joan Messineo borrowed $16,000 at a 12% 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 breadown of each of the three loan payments.

c. Explain why the interest portion of each payment declines with the passage of time.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92260768

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