3. (Annuity payments) Mr. Bills Preston, Esq., purchased a new house for $280,000. He paid $80,000 up front on the down payment and agreed to pay the rest over the next 25 years in 25 equal annual payments that include principal payments plus 6.2 percent compound interest on the unpaid balance.

1. What will these equal payments be?
2. Show on a spreadsheet how the loan will be paid off