You are thinking of purchasing a house. The house costs

$ 400 comma 000

.

You have

$ 57 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

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?