A demand loan of

$8000.00

is repaid by payments of

$4000.00

after

two

years,

$4000.00

after

four

years, and a final payment after

eight

years. Interest is

8%

compounded

monthly

for the first

two

years,

9%

compounded

semi-annually

for the next

two

years, and

9%

compounded

annually

thereafter. What is the size of the final payment?

The final payment is

$nothing.