A loan of $13986 is to be repaid at 3% effective by payments of $1000 at the end of each year for as long as possible. a) How many full payments of $1000 are required if an additional smaller payment X is to be made on the date of the last full payment. n= 18 b) Calculate the amount of the smaller payment X. X = 232.49 Hint: To find the number of full payments, solve the equation 13986 = 1000an for n. The integral part of n is the number of full payments. The decimal part means that a partial payment should be paid in addition to the full payments. To solve for X, set up an equation of value using n