(Loan amortization)On December31, Beth Klemkosky bought a yacht for $90,000. She paid $12,000 down and agreed to pay the balance in 5 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual paymentsbe?

a.On December31, Beth Klemkosky bought a yacht for $90,000 and paid $12,000 down, how much does she need to borrow to purchase theyacht?