Question: Consider a 4-year amortizing loan. You borrow $1,000 initially and repay it in four equal annual year-end payments. a. If the interest rate is 8%,

Consider a 4-year amortizing loan. You borrow $1,000 initially and repay it in four equal annual year-end payments. a. If the interest rate is 8%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment $ b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) Year-End Interest Due Total Year-End Amortization of Time Loan Balance, $ on Loan Balance, $ Payment, $ Loan, $ 1 2 ch 5

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