(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $120,000. She paid $10,000 down and agreed to pay the balance in 11 equal annual installments that include both the principal and 6 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $120,000 and paid $10,000 down, how much does she need to borrow to purchase the yacht? $ (Round to the nearest dollar.)