Homework: 6-1 MyFinanceLab Assignment Save Score: 0 of 4 pts 8 of 12 (4 complete) HW Score: 32%, 16 of 50 pts P6-17 (similar to) A Question Help (Related to Checkpoint 6.1) (Loan amortization) On December 31, 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 12 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $120,000 and paid $16,000 down, how much does she need to borrow to purchase the yacht? $ 104000 (Round to the nearest dollar.) b. If Beth agrees to pay the loan plus 12 percent compound interest on the unpaid balance over the next 12 years in 12 equal end-of-year payments, what will those equal payments be? $ (Round to the nearest cent.) Enter your answer in the answer box and then click Check Answer. All parts showing Clear All Final Check Type here to search o W x 7:24 PM 10/4/2020