Consider a 4-year amortizing loan. You borrow $456,000 initially, and repay it in four equal annual year-end payments.

a.	If the interest rate is 4.97%, 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 at the end of year 1? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Loan balance

$

c-2.	Is it the present value of the remaining loan payments?