Emily Morrison purchased a new house for $120,000. She paid $30,000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 12 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 $30,000upfront. How much does she need to borrow to purchase the house? $90000 (Round to the nearest dollar.)

b. If Emily agrees to pay the loan over the next 15 years in 15 equal end-of-year payments plus 12 percent compound interest on the unpaid balance, what will these equal payments be? $ (Round to the nearest cent.)