A bank loan requires you yo pay $87,000 at the end of each of the next eight years. The interest rate is 8%.

b. Complete the following amortization table.

A bank loan requires you to pay $87,000 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 $ 499,957.59 b. Complete the following amortization table. (Negative amounts should be indicated by a minus sign. Round your answers to nearest whole dollar amount.) Year Interest (8%) Loan Red. Ending Balance $ 452,955 1 $ 2 3 Beginning Balance Payment 499,958 $ (87,000) 452,955 (87,000) (87,000) (87,000) (87,000) (87,000) (87,000) (87,000) 4 5 6 7 8