Larry Davis borrows $$82,500$ 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 $

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

Interest payments $

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 $