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A buyer bought a house for $150,000 with a 15% down payment on 31 October 2015. He took a 15-year loan on the house with

A buyer bought a house for $150,000 with a 15% down payment on 31 October 2015. He took a 15-year loan on the house with an effective interest rate of 8% per annum. The buyer intends to pay off the loan in yearly payments starting on 31 October 2016. How much of the loan will still be owed after the payment due on 31 October 2020 has been made?

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