Larry Davis borrows $88,000 at 12 percent interest toward the purchase of a home His mortgages for 30 years. Use per tot 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