Larry Davis borrows $80,000 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. a. 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.) (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? ( Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments c. How much should he be willing to pay to get out of a 10 percent mortgage percent. Carefully consider the time value of money. Disregar and into a 8 percent mortgage with 20 years remaining on the mortgage? Assume current interest rates are 8 8 percent mortgage d taxes. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments O Type here to search 10:53 PM 8/13/2018