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 $ 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 Loan Balance (5) Year-End Interest Due on Loan Balance (S) Total Year-End Amortization Payment (5) of Loan (5) 1,600.00 0 1 2 3 4 ***