A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of four years, or as equal annual payments at the end of each of the next four years. If the interest rate on the loan is 8%, what annual payments should be made so that both forms of payment are equivalent? A bank is negotiating a loan. The loan can either be paid off as a lump sum of $100,000 at the end of four years, or as equal annual payments at the end of each of the next four years. If the interest rate on the loan is 8%, what annual payments should be made so that both forms of payment are equivalent? $18,287 $25,602 $22,192 $29,259