An amount of $14,000 is borrowed from the bank at an annual interest rate of 11% a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the repayment amounts if the loan ($14,000) will be repaid in two equal installments of $7,000 each, paid at the end of second and fourth years respectively. Interest will be paid each year. Click the icon to view the interest and annuity table for discrete compounding when i= 11% per year. a. The equal end-of-year payments required to pay off the loan in 4 years are $4513| per year. (Round to the nearest dollar.) b. Fill in the table below. (Round to the nearest dollar.) Total Money Amount Owed Interest Total Principal Payment at Beginning Accrued Owed at End-of-Year Year Payment of Year for Year End of Year 1 $1 $ 2 4 Total interest= $ A Discrete Compounding; i=11% Single Payment Uniform Series Compound Compound Sinking Fund Capital Recovery Factor Present Amount Amount Present Factor Worth Factor Factor Worth Factor Factor To Find F Given A To Find A To Find F To Find P To Find P To Find A Given A Given P Given F Given F Given P F/P P/F F/A P/A A/F A/P 1 1.1100 0.9009 1.0000 0.9009 1.0000 1.1100 2 1.2321 0.8116 2.1100 1.7125 0.4739 0.5839 0.7312 3.3421 0.2992 3 1.3676 2.4437 0.4092 0.6587 1.5181 4.7097 3.1024 0.2123 0.3223 0.2706 5 1.6851 0.5935 6.2278 3.6959 0.1606 6 7.9129 4.2305 0.2364 1.8704 0.5346 0.1264 0.4817 2.0762 9.7833 4.7122 0.1022 0.2122 0.4339 0.1943 8 2.3045 11.8594 5.1461 0.0843 0.3909 14.1640 5.5370 9 2.5580 0.0706 0.1806 2.8394 0.1698 10 0.3522 16.7220 5.8892 0.0598 N CO NCO O