You are thinking of purchasing a house. The house costs $350,000. You have $50,000 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 7% per year. What will you annual payment be if you sign up for this mortgage? The annual payment is SRound to the nearest dollar.)