Purchase Solution

Loan Amortization Schedule: Joan Messineo

Not what you're looking for?

Ask Custom Question

Joan Messineo borrowed $15,000 at a 14 percent annual interest rate to be repaid over three 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.

Purchase this Solution
Solution Summary

This solution provides calculations for PMT and a schedule for the the end of year principle for the three year. This solution briefly explains (in one sentence) why the interest portion of each payment declines with the passage of time.

Purchase this Solution
Free BrainMass Quizzes
SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Operations Management

This quiz tests a student's knowledge about Operations Management

View More Free Quizzes
Related BrainMass Solutions

  • Loan amortization schedule

    202037 Calculate loan amortization for Joan Messineo Loan amortization schedule Joan 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.

  • Managerial Finance Gittman

    152893 P4-43 Managerial Finance Gittman P4-43 Loan amortization schedule Joan 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.

  • Joan Messineo

    263490 Loan amortization schedule Joan 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.

  • Preparing loan amortization schedule

    Prepare a loan amortization schedule showing the interest and principal break down of each of the three loan payments. c.

  • Time Value of Money Questions

    Joan 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. 1. Calculate the annual, end-of-year loan payment. 1.

  • Funding your Retirement Financial Question

    Problem 3: Loan amortization schedule Joan 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.

  • TVM Concepts

    Loan amortization schedule Joan Messineo borrowed $15,000 at a 14% annual rate of interest to be repaid over 3 years.

  • Various Finacne Problems

    P4-43 Loan amortization schedule Joan 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.

  • Amortization Schedule for Two Loans

    563531 Amortization Schedule for Two Loans A) Prepare the two loan amortization schedules based on the terms below. The first amortization schedule should reflect equal annual payments.

View More Related Solutions