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(Annuity payments) Mr. Bill S.Preston, Esq., purchased a new house for 60,000 . He paid 25,000 upfront and agreed to pay the rest over the
(Annuity payments) Mr. Bill S.Preston, Esq., purchased a new house for 60,000. He paid 25,000 upfront and agreed to pay the rest over the next 20 years in 20 equal annual payments that include principal payments plus 8 percent compound interest on the unpaid balance. What will these equal paymentsbe?
a.Mr. Bill S.Preston, Esq., purchased a new house for 60,000 and paid $25,000 upfront. How much does he need to borrow to purchase thehouse?
$____(Round to the nearestdollar.)
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