Consider a 4-year amortizing loan. You borrow $1,900 initially, and repay it in four equal annual year-end payments.

a. If the interest rate is 8%, calculate the annual payment. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Annual payment $

b. Prepare an amortization schedule. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

Time Loan Balance Year-End Interest Due on Balance Year-End Payment Amortization of Loan

0

1

2

3

4

c-1.	What is the loan balance after year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Loan balance

$