I cannot figure out part B

(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $70,000. She paid $10,000 down and agreed to pay the balance in 12 equal annual installments that include both the principal and 7 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $70,000 and paid $10,000 down, how much does she need to borrow to purchase the yacht? $ 60000 (Round to the nearest dollar.) b. If Beth agrees to pay the loan plus 7 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.)