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P6-17 (similar to) Question Help 

​(Related to

Checkpoint​ 6.1)​(Loan amortization)On December​ 31, Beth Klemkosky bought a yacht for ​$100,000. She paid ​$14,000 down and agreed to pay the balance in

8 equal annual installments that include both the principal and 15 percent interest on the declining balance. How big will the annual payments​ be?

a. On December​ 31, Beth Klemkosky bought a yacht for ​$100,000 and paid ​$14,000 ​down, how much does she need to borrow to purchase the​ yacht?

​_________$​(Round to the nearest​ dollar.)

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