(Annuity payments) Mr. Bill S.? Preston, Esq., purchased a new house for ?$120,000. He paid ?$30,000 up front and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 9 percent compound interest on the unpaid balance. What will these equal payments? be?
a. Mr. Bill S.? Preston, Esq., purchased a new house for ?$120,000 and paid ?$30,000 upfront. How much does he need to borrow to purchase the ?house?
?$ _____________ ?(Round to the nearest? dollar.)
b. If Bill agrees to pay the loan over the next 15 years in 15 equal? end-of-year payments plus 9 percent compound interest on the unpaid? balance, what will these equal payments? be?
?$ _____________ ?(Round to the nearest? dollar.)