$83\mathrm{.}5$points$00$:$35$:$34$Larry Davis borrows $$87500$ at $14$ percent interest toward the purchase of a home. His mortgage is for $25$ years. $($Use a Financial calculator to arrive at the answers. Round intermediate calculations and final answers to the nearest whole dollar.$)$a$.$ How much will his annual payments be$?($Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer.$)$Annual payments$$12731\mathrm{.}11$b$.$ How much interest will he pay over the life of the loan?Interest payments$230711\mathrm{.}7.$c$.$ How much should he be willing to pay to get out of a $14$ percent mortgage and into a $10$ percent mortgage with $25$ years remaining on the mortgage? Assume current interest rates $($yields$)$ are $10$ percent.Payments refinance