(Loan amortization) On December 31, Beth Klemkosky bought a yacht for $60,000. She paid $10,000 down and agreed to pay the balance in 10 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments be?

a. On December 31, Beth Klemkosky bought a yacht for $60,000 and paid $10,000 down, how much does she need to borrow to purchase the yacht?