Homework: HW$2$

Question list

$K$

You are thinking of purchasing a house. The house costs $$374,000.$ You have $$60,000$ in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a $20-$year mortgage that requires annual payments and has an interest rate of $10\%$ per year. What will be your annual paymentif you sign this mortgage?

Question $1$

The annual payment will be $$36,103\mathrm{.}8.($Round to the nearest cent.$)$

Question $2$