(Calculating annuity payments) (Related to Checkpoint 6.1 on page 196) James Harrison bought a house for £180,000. He paid £20,000 upfront from his savings and took a mortgage to pay the rest for 25 years. The mortgage was to be paid in 25 equal annual installments that included both principal and interest. This mortgage charged 6 percent compound interest on unpaid balance. What will his annual installments be?