On December 31, Beth Klemkosky bought a yacht for $80,000. She paid $18,000 down and agreed to pay the balance in 13 equal annual installments that include both the principal and 8 percent interest on the declining balance. How big will the annual payments be?

-If Beth agrees to pay the loan plus 8 percent compound interest on the unpaid balance over the next 13 years in 13 equal end-of-year payments, what will those equal payments be?