Check my work Problem 5-40 Amortizing Loan (LO3) Consider a 4-year amortizing loan. You borrow $2,600 initially and repay it in four equal annual year-end payments. 10 points a. If the interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) eBook Print Annual payment | $ 708.50 References b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Time Loan Balance Year-End Interest Due Interest on Loan Balance ($) 234.00 Total Year-End Amortization Payment ($) of Loan ($) 2,600.00