Question: Please help me answer this, need formulas and steps with explanation. Thank you so much 38. Amortizing Loan. Consider a 4-year amortizing loan. You borrow

Please help me answer this, need formulas and steps with explanation. Thank you so much

38. Amortizing Loan. Consider a 4-year amortizing loan. You borrow $1,000 initially, and repay it in four equal annual year-end payments. (103) a. If the interest rate is 8%, show that the annual payment is $301.92. b. Fill in the following table, which shows how much of each payment is interest versus princi- pal repayment (that is, amortization), and the outstanding balance on the loan at each date. Loan Year-End Interest Year-End Amortization Time Balance Due on Balance Payment of Loan $1.000 $80 5301.92 $221.92 301.92 AUNTO 301.92 301.92 0 0 c. Show that the loan balance after 1 year is equal to the year end payment of $301.92 times the 3-year annuity factor

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