Mr. Bill S.Preston, Esq., purchased a new house for $150 comma 000

150,000. He paid $30 comma 000

30,000 upfront and agreed to pay the rest over the next 30

30 years in 30

30 equal annual payments that include principal payments plus 13

13 percent compound interest on the unpaid balance. What will these equal paymentsbe?

a.Mr. Bill S.Preston, Esq., purchased a new house for $150 comma 000

150,000 and paid $30 comma 000

30,000 upfront. How much does he need to borrow to purchase thehouse?

$

120000.

120000.(Round to the nearestdollar.)

b.If Bill agrees to pay the loan over the next 30

30 years in 30

30 equalend-of-year payments plus 13

13 percent compound interest on the unpaidbalance, what will these equal paymentsbe?