Mr. Bill S. Preston, Esq., purchased a new house for $80, 000

He paid $10,000 upfront and agreed to pay the rest over the next

25 years in 25 equal annual payments that include principal payments plus

11% compound interest on the unpaid balance. What will these equal payments be?

a.Mr. Bill S. Preston, Esq., purchased a new house for

$80,000 and paid $10,000 upfront. How much does he need to borrow to purchase the house?