1.You take out a 20-year $250,000 mortgage loan with an APR of 6% and monthly payments. In 13 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places.)

2. Consider a 4-year amortizing loan. You borrow $2,300 initially and repay it in four equal annual year-end payments.

a. If the interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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.)

loan balance : 2300