(Related to Checkpoint 6.1) (Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for $70,000. He paid $25000 upfront and agreed to pay the rest over the next 30 years in30 equal annual payments that include principal payments plus 13 percent compound interest on the unpaid balance. What will these equal payments be? a.Mr. Bill S. Preston, Esq., purchased a new house for $70000 and paid $25000 upfront. How much does he need to borrow to purchase the house? $(Round to the nearest dollar.)

b.If Bill agrees to pay the loan over the next years in equal end-of-year payments plus percent compound interest on the unpaid balance, what will these equal payments be?