2.5-2.6 (Excel): You are considering buying a house which costs $500,000. You have only $70,000 in cash. A bank offers you a 30-year mortgage that requires annual payments and an annual interest rate of 5%. Say you will pay $70,000 as a down payment and accept the 30-year mortgage to cover the rest of the price of the house. 2.5 What will your annual payment be? 2.6 Say you can only pay $20,000 a year. You tell the bank that you will pay a balloon payment at the end of the mortgage. What will this balloon payment at least be for the bank to accept it