Loan amortization. The Johns Hopkington Hospital needs to borrow $3 million to purchase an MRI. The interest rate for the loan is 6 percent. Principal and interest payments are equal debt service...

Loan amortization. The Johns Hopkington Hospital needs to borrow $3 million to purchase an MRI. The interest rate for the loan is 6 percent. Principal and interest payments are equal debt service payments, made on an annual basis. The length of the loan is 5 years. The CFO of Johns Hopkington wants to develop a loan amortization schedule for this debt borrowing for tomorrow morning’s meeting. Prepare such a schedule.