On January $1,2019,$ Charles Jamison borrows $$40,000$ from his father to open a business. Charles is the beneficiary of a trust created by his aunt from which he will receive $$25,000$ on January $1,2029.$ He signs an agreement to make this amount payable to his father and, further, to pay his father equal annual amounts from January $1,2020,$ to January $1,2028,$ inclusive, in retirement of the debt. Interest is $12\%$ per year.

What are the annual payments?