(Related to Checkpoint 6.1) (Annuity payments) Mr. Bill S. Preston. Esq., purchased a new house for $80,000. He paid $20.000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 14 percent compound interest on the unpaid balance. What will these equal payments be? a. Mr. Bills. Preston, Esq. purchased a new house for $80,000 and paid $20,000 uptront. How much does he need to borrow to purchase the house? (Round to the nearest dollar.)