A loan of$11022 is to be repaid at 5% effective by payments of$1000 at the end of each year for as long as possible. How many full payments of$1000 are required if an additional smaller paymentXis to be made on the date of the last full payment.

A loan of $11022 is to be repaid at 5% effective by payments of $1000 at the end of each year for as long as possible. 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. Possible Answers A 16 a 17 C 18