Annuity payments Mr Bill S

Annuity payments Mr Bill S. Preston Esq purchased a new house for $80,000. He paid $10,000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 8 percent compound interest on the unpaid balance. What will these equal payments be? 

a. MR Bill Preston ESQ purchased a new house for $80,000 and paid $10,000 upfront. How much does he needd to borrow to purchase the house? $ round to the nearest dollar

b. If Bill agrees to pay the loan over the next 15 years in 15 equal end of year payments plus 8 percent compound interest on the unpaid balance, what will these equal payments be? $ round to the nearest cent

 

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