Question: Problem 5.40 Amortizing Loan (LO3) 3 Consider a 4 year amortizing loan You borrow $1,900 Initially and repay it in four equal annual year-end payments.

Problem 5.40 Amortizing Loan (LO3) 3 Consider a 4 year amortizing loan You borrow $1,900 Initially and repay it in four equal annual year-end payments. a. If the interest rate is 8%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 0 Anna pin $ 573.65 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 (5) Year-End Interest Due on Loan Balance (5) Total Year-End Payment ($) Amortization of Loan ($) 0 1900 00 1 NO 4

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