Question: Consider a 4-year amortizing loan. You borrow $2,400 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 10%,

Consider a 4-year amortizing loan. You borrow $2,400 initially, and repay

Consider a 4-year amortizing loan. You borrow $2,400 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 10%, calculate the annual payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment $75713 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 Year-End Interest Year-End Amortization Time Balance Due on Balance Payment of Loan $ $ 1 2. 3 4 ONM C-1. What is the loan balance after year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Loan balance

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