. Adam borrows $4,500 at 12 percent annually compounded interest to be repaid in four equal annual installments. The actual end-of-year payment is: $_________.

To find the actual end-of-year payment, we can use the formula for the amortization of a loan.

The formula for calculating the periodic payment of an amortized loan is:

P = (r * PV) / (1 - (1 + r)^(-n))

Where:
P = periodic payment
r = interest rate per period
PV = present value of the loan
n = total number of periods

In this case, Adam borrowed $4,500, the interest is 12 percent annually compounded, and the loan is being repaid in four equal annual installments.

First, we need to convert the annual interest rate to the interest rate per period. Since there are four annual installments, the interest rate per period will be 12% / 4 = 3% (assuming compounding is done annually).

Next, we can plug in the values into the formula:
P = (0.03 * $4,500) / (1 - (1 + 0.03)^(-4))

To simplify the calculations, we can use a calculator or spreadsheet to evaluate the formula.

After evaluating the expression, the actual end-of-year payment comes out to be approximately $1,216.34 (rounded to 2 decimal places).

Therefore, the actual end-of-year payment is $1,216.34.