Mr. Bill S. Preston, Esq., purchased a new house for $70,000. He paid $15,000 upfront and agreed to pay the rest over the next 30 years in 30 equal annual payments that include principal payments plus 15 percent compound interest on the unpaid balance. What will these equal payments be?

1. Mr. Bill S. Preston, Esq., purchased a new house for $70,000 and paid $ 15,000 upfront. How much does he need to borrow to purchase the house?

2. If Bill agrees to pay the loan over the next 30 years in 30 equal end-of-year payments plus 15 percent compound interest on the unpaid balance, what will these equal payments be?

(Round to the nearest cent.)