Question $19,$ P$6-19($similar to$)$

HW Score: $80\%,16$ of $20$ points

$()$ Points: $0$ of $1$

$($Related to Checkpoint $6\mathrm{.}1)($Annuity payments$)$ A firm borrows $$20,000$ from the bank at $15$ percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next $12$ years. How much will each annual payment be$?$

The amount of each annual payment will be $$,($Round to the nearest cent.$)$