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A demand loan of $5000.00 is repaid by payments of $2500.00 after two years, $2500.00 after four years, and a final payment after eight years.
A demand loan of $5000.00 is repaid by payments of $2500.00 after two years, $2500.00 after four years, and a final payment after eight years. Interest is 5% compounded monthly for the first two years,6% compounded annually for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment?
The final payment is $__
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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