Amortization: Loan Consolidated Incorporated (LCI) is offering a special one time package to reduce Customs Autos outstanding bills to one easy to handle payment plan. LCI will pay off the current outstanding bills of $234, 000 for custom autos if custom autos will make an annual payment to LCI at an interest rate of 11% over the next 5 years.

(A) What are the annual payment to LCI at an interest rate of 11% over the next 5 years?

(B) What is the amortization schedule for the loan if customs autos wants to pay off the loan before the loan maturity in 5 years?

(C) When will the balance be half paid?

(D) What is the total interest expense on the loan over the 5 year period?