Problem 5-40 Amortizing Loan (LO3) Consider a 4-year amortizing loan. You borrow $2,100 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____

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	Loan Balance ($)	Year-End Interest Due on Loan Balance ($)	Total Year-End Payment ($)	Amortization of Loan ($)
0	2,100.00
1
2
3
4