Consider a 4-year amortizing loan. You borrow $1,600 initially and repay it in four equal annual year-end payments.

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If the interest rate is 8%, what is the annual payment?

b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) X Answer is complete but not entirely correct. Time Loan Balance ($) Year-End Interest Due on Loan Balance ($) 128.00 Total Year-End Payment ($) Amortization of Loan ($) 0 483.07 611.07 X 1 176.88 483.07 659.96 X 2 1,600.00 2,211.07 X 2,871.03 X 3,583.79 X 4,354 X 229.68 X 483.07 712.76 X 3 286.70 483.07483.07 769.78 X 4 4 348