Amortizing Loan Consider a 4-year amortizing loan. You borrow $453,000 initially, and repay it in four equal annual year-end payments. a. If the interest rate is 8.95%, 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 "O" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.) Time 0 Loan Balance Year-End Interest Year-End Amortization Due on Balance Payment of Loan $ $ $ $ 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?