In recent years, the United States has gone from being a "positive savings" nation to a "negative savings" nation (i.e., we spend more money than we earn). Suppose a typical American household spends $12,000 more than it makes and it does this for eight consecutive years. If this debt will be financed at an interest rate of fixed 20% per year, what annual repayment will be required to repay the debt over a 8-year period (repayments will start at EOY 9)