P4-36 (similar to)

Question Help

You are thinking of purchasing a house. The house costs

$ 350 comma 000$350,000.

You have

$ 50 comma 000$50,000

in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a

3030-year

mortgage that requires annual payments and has an interest rate of

6 %6%

per year. What will your annual payment be if you sign up for this mortgage?The annual payment is

$nothing.

(Round to the nearest dollar.)