Lucas Luoma borrowed $24,000 to start a new business. The lender has agreed to a grace period and will carry the debt for eight years at 9 percent interest with no payments required (the loan will still accrue interest). Once the grace period has expired, Lucas will pay off the loan over the next 16 years at 12 percent interest. What will his annual payment be? (Use a Financial calculator/Excel to arrive at the answer. Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Annual payment