On December 31, Beth Klemkosky bought a yacht for $50,000. She paid $12,000 down and agreed to pay the balance in 15 equal annual installments that include both the principal and 13 percent interest on the declining balance. How big will the annual payments be? Please show work so I can understand the calculations.
If Beth agrees to pay the loan plus 13 percent compound interest on the unpaid balance over the next 15 years in 15 equal end-of-year payments, what will those equal payments be? $___(Round to the nearest cent)