Question: Consider a 4-year amortizing loan. You borrow $1,100 initially and repay it in four equal annual year-end payments. a. If the interest rate is 9%,

Consider a 4-year amortizing loan. You borrow $1,100 initially and repay

Consider a 4-year amortizing loan. You borrow $1,100 initially and repay it in four equal annual year-end payments. a. If the interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment $ 339.54 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 ($) Year-End Interest Due on Loan Balance ($) Total Year-End Payment ($) Amortization of Loan ($) 0 1,100.00 1 2 3 4

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