Home 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 $20,000 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 $20,000 with an annual interest rate of 12% over the next 20 years. Determine the cash flow to the woman under a fully amortized loan, in which Ponzi will make equa" annual payments at the end of each year so that the final payment will completely retire the original $20,000 loan. What is the amount of payment that the woman will receive at the end of years 1 through 20? Daund in the nearest cent.) 11