Anderson Small Appliance Company is negotiating a commercial loan of $480,000 with two banks.

Bank A has offered to loan the money at 8% with level principal payments and the interest at the end of each of three years.

Bank B is suggesting a loan at 8% in which ASAC would make three level total payments that are the same amount, one at the end of each year.

Do an amortization schedule for each loan.

Please show work