ALT-LOAN AMORTIZATION TABLE Norman borrowed $1,000 from a bank on a five-year installment loan, with annual payments. The interest rate per year is 6.00%. What payment will Norman make at the end of each year? PV OF $1 1 2 3 4 0.04 0.9615 0.9246 0.8890 0.8548 0.8219 0.05 0.9524 0.9070 0.8638 0.8227 0.7835 0.06 0.9434 0.8900 0.8396 0.7921 0.7473 0.08 0.9259 0.8573 0.7938 0.7350 0.6806 0.10 0.9091 0.8264 0.7513 0.6830 0.6209 5 Tolerance =+ or -.50. Interest Expense Principal Reduction Loan Balance Period Payment PV OF ANN 1 2 3 0 0.04 0.9615 1.8861 2.7751 3.6299 4.4518 0.05 0.9524 1.8594 2.7232 3.5460 4.3295 0.06 0.9434 1.8334 2.6730 3.4651 4.2124 0.08 0.9259 1.7833 2.5771 3.3121 3.9927 0.10 0.9091 1.7355 2.4869 3.1699 3.7908 1 2 4 3 5 4 5