69. A company borrowed $120,000 at an interest rate of 9% to be repaid over a period of six years. The loan will be repaid in installments according to the cash-flow diagram shown below (which also reflects the cash inflow of $120,000). What is the size of the last payment (X)

required to pay off the loan? (4.10)

0 1 2 3 4 5 6

$X

$120,000

$20,000 $20,000 $20,000

$10,000

$20,000