(Loan amortization) On December 31, Beth Klemkosky bought a yacht for $80,000. She paid $12,000 down and agreed to pay the balance in 8 equal annual installments that include both the principal and 11 percent interest on the declining balance. How big will the annual payments be?
a. On December 31, Beth Klemkosky bought a yacht for $80,000 and paid $12,000 down, how much does she need to borrow to purchase the yacht?
$__ (Round to the nearest dollar.)