mily Morrison purchased a new house for $$$$190$ comma $000.$ She paid $$$$50$ comma $000$ upfront and agreed to pay the rest over the next $20$ years in $20$ equal annual payments that include principal payments plus $9$ percent compound interest on the unpaid balance. What will these equal payments$$ be$?$ Question content area bottomPart $1$a$.$ Emily Morrison purchased a new house for $$$$190$ comma $000$ and paid $$$$50$ comma $000$ upfront. How much does she need to borrow to purchase the$$ house? $$$ enter your response here $($Round to the nearest$$ dollar.$)$

ChatGPT said:

ChatGPT

To determine how much Emily needs to borrow for the house, we subtract the upfront payment from the total purchase price.

Total Price of the House: $$190,000$

Upfront Payment: $$50,000$

The amount she needs to borrow is:

Amount$$to$$Borrow

$=$

Total$$Price

$$

Upfront$$Payment

Amount$$to$$Borrow$=$Total$$Price$$Upfront$$Payment

Amount$$to$$Borrow

$=$

$190$

$,$

$000$

$$

$50$

$,$

$000$

$=$

$140$

$,$

$000$

Amount$$to$$Borrow$=190,00050,000=140,000$

Thus, Emily needs to borrow $$140,000.$

B$.$ If Emily agrees to pay the loan over the next $20$ years in $20$ equal$$ end$-$of$-$year payments plus $9$ percent compound interest on the unpaid$$ balance, what will these equal payments$$ be$?$$enter your response here $($Round to the nearest$$ cent.$)$