Bramble Incorporated provides solar energy services to Toronto. Bramble needed to buy additional solar energy panels to meet the

demand for its energy product. The Government of Ontario offered an interest$-$free forgivable loan to Bramble in the amount of

$$500,000.$ The loan will be forgiven if Bramble is able to produce a stated number of kilowatts of energy per year for the next five

years. If these conditions are not met, the amount is due to the government in full in five years. Bramble believes it will be able to meet

the conditions. Bramble recently obtained a similar loan from the bank with an annual interest rate of $9\%.$

factor table PRESENT VALUE OF $1.$

factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($b$)$

Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel function PV$,$ calculate the value of the loan and prepare an

amortization table for the loan using the effective interest method. Present the first three years of the loan. $($Hint: Refer to

Chapter $3$ for tips on calculating. For the amortization table, use the amount arrived at using factor tables.$)($Round present value

factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places e$.$g$.58,971.)$