You are thinking of purchasing a house. The house costs $ $371$ comma $000.$ You have $ $55$ comma $000$ in cash that you can use as a down payment on the$$ house, but you need to borrow the rest of the purchase price. The bank is offering a $20-$year mortgage that requires annual payments and has an interest rate of $10\%$ per year. What will be your annual payment if you sign this$$ mortgage?

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Part $1$

The annual payment will be $$$