(Loan amortization) To buy a new house, you must borrow
$150,000. To do this, you take out a $150,000, 20-year, percent
mortgage. Your mortgage payments, which are made at the end of
each year (one payment each year), include both principal and 9
percent interest on the declining balance. How large will your
annual payments be?
The amount of your annual payments will be $ (Round to the
nearest cent.)