Problem 5-40 Amortizing Loan (L03) Consider a 4-year amortizing loan. You borrow $2,600 initially and repay it in four equal annual year-end payments. a. If the interest rate is 9%, what is the annual payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Annual payment b. Prepare an amortization schedule. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Time Loan Balance ($) Year-End Interest Due on Loan Balance ($) Total Year- End Payment Amortization of Loan ($) 2,600.00