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A bank loan requires you to pay $85,000 at the end of each of the next eight years. The interest rate is 12%. a. What

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A bank loan requires you to pay $85,000 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.) Present value b. Complete the following amortization table. (Negative amounts should be indicated by a minus sign. Round your answers to nearest whole dollar amount.) Year Beginning Balance Payment Interest (12%) Loan Red. Ending Balance 1 2 3 4 5 6 7 8

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