8. (Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $50,000. She paid $18,000 down and agreed to pay the balance in 7 equal annual installments that include both the principal and 7 percent inierest on the decining balance. How big will the annuai payments be? a. On December 31, Beth Klemkosky bought a yacht for $50,000 and paid $18,000 down, how much does she need to borrow to purchase the yecht? Round to the nearest dollar) b. If Both agrees to pay the loan ptus7 percent compound interest on the unpaid balance over the next 7 years in 7 equa end-of-year payments, what will those equal payments be? (Round to the nearest cent)