A design studio received a loan of $7,400 at 4.50% compounded annually to purchase a camera. If they settled the loan in 3 years by making annual payments, construct the amortization schedule for the loan and answer the following questions.

a. What was the payment size?

Round to the nearest cent

b. What was the size of the interest portion on the first payment?

Round to the nearest cent

c. What was the balance of the loan at end of the first year?

Round to the nearest cent