1. Suppose you borrow $16,000. The interest rate is 7%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Balance Repayment of Principal Ending Balance Year Payment Interest 1 $ $ $ $ $ 2 $ $ $ 3 $ $ $ $ $ $ $ $ 4 $