**Please use numbers given** Please answer part (b) - thank you in advance!! :)

(Related to Checkpoint 6.1) (Loan amortization) On December 31, Beth Klemkosky bought a yacht for $50,000. She paid $10,000 down and agreed to pay the balance in 15 equal annual installments that include both the principal and 8 percent interest on the declining balance. How big will the annual payments be? a. On December 31, Beth Klemkosky bought a yacht for $50,000 and paid $10,000 down, how much does she need to borrow to purchase the yacht? $ 40,000.00 (Round to the nearest dollar.) b. If Beth agrees to pay the loan plus 8 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.)