Larry Davis borrows $$71,000$ at $10$ percent interest toward the purchase of a home. His mortgage is for $20$ years. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

How much will his annual payments be$?($Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer.$)$

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

How much interest will he pay over the life of the loan?

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

How much should he be willing to pay to get out of a $10$ percent mortgage and into a $8$ percent mortgage with $20$ years remaining on the mortgage? Assume current interest rates are $8$ percent. Carefully consider the time value of money. Disregard taxes.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places. $($The answer is not $17635\mathrm{.}18)$