Complete parts a, b, and c for the loan described below. (a) Find the payment necessary to amortize the loan. (b) Find the total payments and the total amount of interest paid based on the calculated annual payments. (c) Create an amortization table and find the total payments and total amount of interest paid based upon the amortization table.
A 7% loan of $80,000 compounded annually , with 5 annual payments.
(a) The annual payment needed to amortize this loan is $__ (Round to the nearest cent as needed.)
(b) The total amount of the payments is $__ (Round to the nearest cent as needed.)
The total amount of interest paid is $__ (Round to the nearest cent as needed.)
(c) Based on an amortization table, the total amount of the payments is $__ (Round to the nearest cent as needed.)
Based on an amortization table, the total amount of interest paid is $__ (Round to the nearest cent as needed.)