Larry Davis borrows $$82,000$ at $12$ percent interest toward the purchase of a home. His mortgage is for $30$ years. Use Appendix $D$ for

an approximate answer, but calculate your final answer using the formula and financial calculator methods.

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.$)$

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

b$.$ How much interest will he pay over the life of the loan?

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Total interest paid

c$.$ How much should he be willing to pay to get out of a $12$ percent mortgage and into a $10$ percent mortgage with $30$ years remaining

on the mortgage? Assume current interest rates are $10$ percent. Carefully consider the time value of money. Disregard taxes.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.