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Mr. Bill S. Preston, Esq., purchased a new house for $110,000. He paid $10,000 upfront...

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Accounting

Mr. Bill S. Preston, Esq., purchased a new house for $110,000. He paid $10,000 upfront and agreed to pay the rest over the next 10 years in 10 equal annual payments that include principal payments plus 11 percent compound interest on the unpaid balance.

a)a.Mr. Bill S. Preston, Esq., purchased a new house for $110,000and paid$10,000upfront. How much does he need to borrow to purchase the house?

B If Bill agrees to pay the loan over the next 10 years in10equal end-of-year payments plus11 percent compound interest on the unpaid balance, what will these equal payments be? (Round to the nearest cent.)

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