Consider a 4-year amortizing loan. You borrow $1,600 initially and repay it in four equal annual year-end payments. a. If the interest rate is 8%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment S 483.07 b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank.be certain to enter "0" wherever required.) Time Total Year End Payment (S) Amortization of Loan ($) Year-End Loan Balance Interest Due ($) on Loan Balance ($) 1,600.00 0.00 1.600.00 128.00 1.245.00 99.59 0 483.07 483.07 1 483.07 355.07 2 483.07 383.48 3 68.92 483.07 414.15 861.00 447 4 36