Problem 5-40 Amortizing Loan (L03) 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%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment $ 757.13 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 2,400.00 240.00 757.13 517.13 1 188.29 757.13 568.84 1,882.87 1,314.03 2 131.40 757.13 625.73 3 4