Question: 5 Consider a 4-year amortizing loan. You borrow $395,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is

5 Consider a 4-year amortizing loan. You borrow $395,000 initially, and

5 Consider a 4-year amortizing loan. You borrow $395,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 3.52%, calculate the annual payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) 02:10:30 Annual payment b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "O" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) Loan Balance Year-End Interest Due on Balance $ Year-End Payment $ Amortization of Loan Time 0 1 2 3 4 c-1. What is the loan balance at the end of year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Loan balance

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