(Loan amortization)On December31, Beth Klemkosky bought a yacht for $70,000. She paid $18,000 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 paymentsbe?

On December31, Beth Klemkosky bought a yacht for $70,000 and paid $18,000 down, how much does she need to borrow to purchase theyacht?

Round to Nearest Dollar