A company borrows $80,000 from a bank at a 6% interest rate (compounded annually) to provide funding for a project. The loan is to be repaid in equal annual payments over 25 years.

a. Calculate the annual payment for the loan.

b. What is the balance of the loan at the end of the 8th year? (i.e., what is the value at the end of year 8 of the remaining unpaid amount on the loan, including interest?)