A bank loan requires you to pay $85,500 at the end of each of the next eight years. The interest rate is 8%. 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 1 2 3 4 5 6 7 8 $ $ Beginning Balance 491,338 445,144 395,256 341,376 283,186 220,341 152,469 79,166 Payment Interest (8%) Loan Red. Ending Balance $ 445,145 395,256 341,377 283,186 220,341 152,469 79,166