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...

You are thinking of purchasing a house. The house costs

You have

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

mortgage that requires annual payments and has an interest rate of

per year. What will be your annual payment if you sign this​ mortgage?

The annual payment is

​(Round to the nearest​ dollar.)