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Amortizing Loan Consider a 4 - year amortizing loan. You borrow $ 4 6 4 , 0 0 0 initially, and repay it in four

Amortizing Loan
Consider a 4-year amortizing loan. You borrow $464,000 initially, and repay it in four
equal annual year-end payments.
a. If the interest rate is 6.60%, calculate the annual payment. (Do not round
intermediate calculations. Round your answer to 2 decimal places.)
Annual payment
b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0"
wherever required. Do not round intermediate calculations. Round your answers
to 2 decimal places.)
c-1. What is the loan balance at the end of year 1?(Do not round intermediate
calculations. Round your answer to 2 decimal places.)
c-2. What is the present value of the remaining loan payments?
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