In: Finance
(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.)