Please explain your steps. I used excel for these so showing the functioned used is very helpful. Thank you. 1

Checklare Consider a 4-year amortizing loan. You borrow $500.000 initially, and repay it in four equal annual year-end payments a. If the interest rate is 5.00%, calculate 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.) Loan Balance Time Year-End Interest Due on Balance $ Year-End Payment $ Amortization of Loan $ HA Omst 2 4 c-1. What is the loan balance at the end of year 17 (Do not round intermediate calculations. Round your answer to 2 decimal places.) Loan balance c-2. Is it the present value of the remaining can payments