Question: Problem 5-40 Amortizing Loan (L03) Consider a 4-year amortizing loan. You borrow $1,800 initially and repay it in four equal annual year-end payments. a. If

Problem 5-40 Amortizing Loan (L03) Consider a 4-year amortizing loan. You

Problem 5-40 Amortizing Loan (L03) Consider a 4-year amortizing loan. You borrow $1,800 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 $ 567.85 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 "0" wherever required.) Time Year-End Loan Balance Interest Due ($) on Loan Balance ($) 1,800.00 Total Year- Amortization End Payment | of Loan ($) ($)

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