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Question Help Fully amortized loan (annual payments for principal and Interest with the same amount each year). Chuck Ponzi has talked an elderly woman into loaning him $35,000 for a new business venture. She has, however, successfully passed a finance class and requires Chuck to sign a binding contract on repayment of the $35,000 with an annual interest rate of 11% over the next 15 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponal we make equal annual payments at the end of each year so that the final payment will completely retire the original $35,000 loan What is the amount of payment that the woman will receive at the end of years 1 through 15? (Round to the nearest cent.) PV PMT= 1-[1/(1 + r)"] r where PMT = annual payment of an amortized loan PV = the amount of loan r= interest rate n= the number of time periods