(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $70,000. She paid $14,000 down and agreed to pay the balance in 13 equal annual installments that include both the principal and 12 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $70,000 and paid $14.000 down, how much does she need to borrow to purchase the yacht? $ 56000 (Round to the nearest dollar.) b. If Beth agrees to pay the loan plus 12 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? $ (Round to the nearest cent.)