You are thinking of purchasing a house. The house costs $ 200,000. You have $ 29,000 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 be your annual payment if you sign this mortgage?

The annual payment is ?(Round to the nearest dollar.)