FIN 419 Finance for Decision making Chapter 4 P4–46 Loan amortization scheduleJoan Messineo

| June 4, 2016

Question
FIN 419 Finance for Decision making Chapter 4 P4–46 Loan amortization scheduleJoan Messineo borrowed $15,000 at a 14% annual rate

FIN 419 Finance for Decision making

FIN 419 C4 P4–46Joan Messineo

University of Phoenix

Chapter 4 P4–46 Loan amortization scheduleJoan Messineo borrowed $15,000 at a 14% 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 breakdown 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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