You are on your way to the local automobile outlet to buy a car. The price of the car is $20,000. You have carefully evaluated your finances, and you have determined that you can afford payment that total $5,500 per year if you take bank loan. The bank loan would be outstanding for a period of four years and the payments would be made annually. Local bank is charging 12% on automobile loan. Prepare a loan amortization table for 4 years. Do you think, you can afford paying the annual payment? [Show calculation of PMT, Interest, principle payment, ending balance (only for the 1st year)]