On December 31, Beth Klemkosky bought a yacht for $50,000. She paid $18,000 down and agreed to pay the balance in 11 equal annual installments that include both the principal and 6 percent interest on the declining balance. How big will the annual payments be?

If Beth agrees to pay the loan plus 6 percent compound interest on the unpaid balance over the next 11 years in 11 equal end-of-year payments, what will those equal payments be?