On January $1^{st},$ Kevin bought a house for $$950,000.$ He paid $$250,000$ in cash at the time of the purchase and agreed to pay the balance in five equal annual installments that include both the principal and $9$ percent interest on the declining balance.

Required:

a$)$ Determine the amount of the annual payment.

b$)$ Determine the total dollars of interest that Kevin will pay for this loan.

c$)$ Determine the amount of interest that is included in the first payment. It is not necessary to complete an amortization schedule.