On December 31, Beth Klemkosky bought a yacht for $100,000. She paid $20,000 down and agreed to pay the balance in

5 equal annual installments that include both the principal and 7 percent interest on the declining balance.

If Beth agrees to pay the loan plus 7 percent compound interest on the unpaid balance over the next

5 years in 5 equal end-of-year payments, what will those equal payments be?

(Round to the nearest cent.)