Mr. Bill S. Preston, Esq., purchased a new house for $150,000. He paid $10,000 upfront and agreed to pay the rest over the next 15 years in 15 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 $150,000 and paid $10,000 upfront. How much does he need to borrow to purchase the house? $ (Round to the nearest dollar.)