Loan Consolidated Incorporated​ (LCI) is offering a special​one-time package to reduce Custom​ Autos' outstanding bills to one​easy-to-handle payment plan. LCI will pay off the currentoutstanding bills of ​$244,000 for Custom Autos if Custom Autoswill make an annual payment to LCI at an interest rate of 11% overthe next 5 years.  
a. What are the annual payments of the​ loan?
b. What is the amortization schedule for this loan if CustomAutos wants to pay off the loan before the loan maturity in
5 years?
c. When will the balance be half paid​ off?
d. What is the total interest expense on the loan over the 5​years?
(round to the nearest cent)
