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Mr. Bill S.​ Preston, Esq.,

/in /by

Mr. Bill S.​ Preston, Esq., purchased a new house for ​$100,000. He paid ​$10,000 upfront and agreed to pay the rest over the next 30 years in 30 equal annual payments  that include principal payments plus 13 percent compound interest on the unpaid balance. What will these equal payments​ be?

  a.Mr. Bill S.​ Preston, Esq., purchased a new house for ​$100,000 and paid ​$10,000 upfront. How much does he need to borrow to purchase the​ house?

​$90,000​(Round to the nearest​ dollar.) already answered

 b.If Bill agrees to pay the loan over the next 30 years in 30 equal​ end-of-year payments plus 13 percent compound interest on the unpaid​ balance, what will these equal payments​ be?

​$_______(Round to the nearest​ cent.)

 
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