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(Loan amortization) On December 31, Beth Klemkosky bought a yacht for $50,000, paying $16,000 down and agreeing to pay the balance in 8 equal end-of-year

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(Loan amortization) On December 31, Beth Klemkosky bought a yacht for $50,000, paying $16,000 down and agreeing to pay the balance in 8 equal end-of-year installments at 12 percent interest on the declining balance. How big will the annual payments be? These equal payments will be $ . (Round to the nearest cent.)

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