This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems. Question 1 (1 point) Alexander received $32,299 from the bank at 6.72 percent per year, compounded annually, to purchase new a new car. This loan is to be repaid in equal annual installments at the end of each year over the next 4 years. How much will each annual payment be? Round the answer to two decimal places. Year Beginning-of the year Balance Annual payment (PMT) Interest portion of the annual payment = Beginning -of-the year balance X interest rate Principal portion of the annual payment = Payment - Interest portion of the annual payment End-of-the year balance = Beginning-of the year Balance - principal Portion of the annual payment 1 Loan amount Payment? 2 Equal to the end -of the year balance of Year 1 Payment? 3 Equal to the end -of the year balance of Year 2 Payment? 4 Equal to the end -of the year balance of Year 3 Payment? 0 Your