On December 31, Beth Klemkosky bought a yacht for $80,000. She paid $14,000 down and agreed to pay the balance in 11 equal annual installments that include both the principal and 15 percent interest on the declining balance. How big will the annual payments be?

a. On December 31, Beth Klemkosky bought a yacht for $80,000 and paid $14,000 down, how much does she need to borrow to purchase the yacht? $ (Round to the nearest dollar.)