Brief Exercise $5-19($Algo$)$ Solve for unknown; annuity $[$LO$5-9]$

A company borrowed $$160,000$ from a local bank. The loan requires $12$ equal annual payments beginning one year from today. Assume an interest rate of $8\%.$ What is the amount of each annual payment?

Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$