(Annuity payments) Mr. Bill S. Preston, Esq., purchased a new house for 60,000. He paid 25,000 upfront and agreed to pay the rest over the next 20 years in 20 equal annual payments that include principal payments plus 8 percent compound interest on the unpaid balance. What will these equal payments be?
a. Mr. Bill S. Preston, Esq., purchased a new house for 60,000 and paid $25,000 upfront. How much does he need to borrow to purchase the house?
$____(Round to the nearest dollar.)