Suppose your grandparents take a $350,000 reverse mortgage at 6% with a term of ten years, annual payments. They want to receive a $25,000 advance at loan origination and they want to receive the rest in equal annual payments

A. What is the amount of the annual payment?

B. What is their interest charge in year 3?

C. How much total interest do they pay if they hold the loan for its full term of ten years?

D. If they decide to repay the loan at the end of year 4, what is the balance due?