8.(Loan amortization)On December31, Beth Klemkosky bought a yacht for $120,000. She paid $16,000 down and agreed to pay the balance in 12 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual paymentsbe?

*If Beth agrees to pay the loan plus 11 percent compound interest on $104,000 over the next 12 years in 12 equalend-of-year payments, what will those equal paymentsbe? Round to nearest cent