(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $110,000. She paid $20,000 down and agreed to pay the balance in 11 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $110,000 and paid $20,000 down, how much does she need to borrow to purchase the yacht? (Round to the nearest dollar.)