(Annuity payments)Emily Morrison purchased a new house for

$120,000.

She paid

$50,000

upfront and agreed to pay the rest over the next

10

years in

10

equal annual payments that include principal payments plus

11

percent compound interest on the unpaid balance. What will these equal payments be?

a.Emily Morrison purchased a new house for

$120,000

and paid

$50,000

upfront. How much does she need to borrow to purchase the house?

$nothing

(Round to the nearest dollar.)