An amount of $14,000 is borrowed from the bank at an annual interest rate of 11%. a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the...

Extracted text: An amount of $14,000 is borrowed from the bank at an annual interest rate of 11%. a. Calculate the equal end-of-year payments required to completely pay off the loan in 4 years. b. Calculate the repayment amounts if the loan ($14,000) will be repaid in two equal installments of $7,000 each, paid at the end of second and fourth respectively. Interest will be paid each year. years Click the icon to view the interest and annuity table for discrete compounding when i= 11% per year. a. The equal end-of-year payments required to pay off the loan in 4 years are $ per year. (Round to the nearest dollar.)