A bank loan requires you to pay $78,500 at the end of each of the next eight years. The interest rate is 12%.

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

b. Complete the following amortization table

year	beginning bal	payment	interest12%	loan red.	ending bal
1
2
3
4
5
6
7
8