A bank loan requires you to pay $70,500 at the end of each of the next eight years. The interest rate is 10%.

a. What is the present value of these payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Present Value:

b. Complete the following amortization table. (Negative amounts shoud be indicated by a minus sign. Round your answers to nearest whole dollar amount.)

Year	Beginning Balance	Payment	Interest (8%)	Loan Red	Ending Balance
1
2
3
4
5
6
7
8