(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $120,000. She paid $20,000 down and agreed to pay the balance in 8 equal annual installments that include both the principal and 14 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 $20,000 down, how much does she need to borrow to purchase the yacht? $ (Round to the nearest dollar.) b. If Beth agrees to pay the loan plus 14 percent compound interest on the unpaid balance over the next 8 years in 8 equal end-of-year payments, what will those equal payments be? (Round to the nearest cent.)