11)

You are thinking of purchasing a house. The house costs $300,000.

You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of

10% per year. What will your annual payment be if you sign up for this mortgage?

The annual payment is $ --------. (Round to the nearest dollar.)