(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Kismkosky bought a yacht for $50,000. She paid $14,000 down and agreed to pay the balance in 7 equal annual instalments that Include both the principal and 12 percent interest on the declining balance. How big will the annual payments be?

- On December 31, Beth Karkoaky bought a yacht for $50,000 and paid $14,000 down, how much does she need to borrow to purchase the yacht? (Round to the nearest dollar)