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(Related to Checkpoint 6.1) (Annuity payments) Mr Bill S. Preston, Esq. purchased a new house for $70,000. He paid $25,000 upfront and agreed to pay the rest over the next 15 years in 15 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 $70,000 and paid $25,000 upfront How much does he need to borrow to purchase the house? (Round to the nearest dollar) (Annuity payments) To pay for your education, you've taken out $22,000 in student loans. if you make monthly payments over 10 years at 8 percent compounded monthly, how much are your monthly student loan payments? The monthly payment of your student loan is \$ (Round to the nearest cent.)