Larry Davis borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is for 25 years. Calculate your final answer using the formula. 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 0 decimal places.)