(Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for $$70,000. He paid $20,000 upfront and agreed to pay the rest over the next 25 years in 25 equal annual payments that include principal payments plus 9 percent compound interest on the unpaid balance. What will these equal payments be?

a.Mr. Bill S. Preston, Esq., purchased a new house for $70,000 and paid $20,000 upfront. How much does he need to borrow to purchase the house?

$ __(Round to the nearest dollar.)