(Annuity payments

(Annuity payments) Mr. Bill S.​ Preston, Esq., purchased a new house for ​60,000. He paid ​25,000 upfront and agreed to pay the rest over the next 20 years in 20 equal annual payments that include principal payments plus 8 percent compound interest on the unpaid balance. What will these equal payments​ be?

a.  Mr. Bill S.​ Preston, Esq., purchased a new house for ​60,000 and paid ​$25,000 upfront. How much does he need to borrow to purchase the​ house?

​$____​(Round to the nearest​ dollar.)

 

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