Problem 5-40 Amortizing Loan (L03) Consider a 1 year amortizing loan You borrow $1,300 initially and repay it in four equal annual year end payments o. 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 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.) Time Loan Balance (5) Year-End Interest Due on Loan Balance (5) Total Year-End Payment (5) Amortization of Loan (5) 0 1,300.00 1 2 4