You are thinking of purchasing a house. The house costs $300,000.
You have $43,000 in cash that you can use as a down payment on the? house, but you need to borrow the rest of the purchase price. The bank is offering a 30?-year mortgage that requires annual payments and has an interest rate of 10% per year. What will your annual payment be if you sign up for this? mortgage?
The annual payment is $ --------. (Round to the nearest? dollar.)