Mr. Bill S. Preston, Esq., purchased a new house for $110,000. He paid $10,000 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?

Mr. Bill S. Preston, Esq., purchased a new house for $110,000 and paid $10,000 upfront. How much does he need to borrow to purchase the house?

If Bill 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?