On December 31, Beth Klemkosky bought a yacht for $60,000. She paid $20,000 down and agreed to pay the balance in 9 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 9 years in 9 equal end-of-year payments, what will those equal payments be?