A loan of 1000 is to be repaid by annual payments of 100 to commence at the end of the first year and to continue thereafter for as long as necessary. If the loan cannot be repaid using integer number of regular payments, we simply pay the smaller additional balance together with the last regular payment. If the annual effective interest rate is 6%, determine the number of payments required, and the final payment (also called a balloon payment) if the final payment to be larger than the regular payments