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

$110,000.

He paid

$30,000

upfront and agreed to pay the rest over the next

15

years in

15

equal annual payments that include principal payments plus

11

percent compound interest on the unpaid balance. What will these equal paymentsbe?a.Mr. Bill S. Preston, Esq., purchased a new house for

$110,000

and paid $30,000

upfront. How much does he need to borrow to purchase the house?

(Round to the nearest dollar.)