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On December31, Beth Klemkosky bought a yacht for $70,000. She paid $20,000 down and agreed to pay the balance in 12 equal annual installments that

On December31, Beth Klemkosky bought a yacht for $70,000. She paid $20,000 down and agreed to pay the balance in 12 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual paymentsbe?

A) On December31, Beth Klemkosky bought a yacht for $70,000 and paid $20,000 down, how much does she need to borrow to purchase theyacht?

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