You are thinking of purchasing a house. The house costs

$250,000.

You have

$36,000

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

30-year

mortgage that requires annual payments and has an interest rate of

8%

per year. What will be your annual payment if you sign this mortgage?

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Part 1

The annual payment is

$enter your response here.

(Round to the nearest dollar.)