Amortizing Loan

Consider a $4-$year amortizing loan. You borrow $$423,000$ initially, and repay it in four equal annual year$-$end payments.

a$.$

If the interest rate is $4\mathrm{.}93\%,$ 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.$)$

Time Loan

Balance Year$-$End Interest

Due on Balance Year$-$End

Payment Amortization

of Loan

$0$ $

$

$

$

$1$

$2$

$3$

$4$

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.$)$

Loan balance $

c$-2.$

Is it the present value of the remaining loan payments?