Amortization.Loan Consolidated Incorporated (LCI) is offering a special one-time package to reduce Custom Autos' outstanding bills to one easy-to-handle payment plan. LCI will pay off the current outstanding bills of

$232,000

for Custom Autos if Custom Autos will make an annual payment to LCI at an interest rtae of

12%

over the next

5

years.

a.What are the annual payments of the loan?

b.What is the amortization schedule for this loan if Custom Autos wants to pay off the loan before the loan maturity in

5

years?

c.When will the balance be half paid off?

d.What is the total interest expense on the loan over the

5

years?

a. What is the annual payment of the loan?

$nothing

(Round to the nearest cent.)