Terms of a 7,000 loan are as follows: 

60 equal month to month payments starting at the end of the first month, 8% nominal interest rate convertible monthly An alternative is offered: Monthly payments calculated as above. First payment not due until the end of the 5th month. An extra payment made at the end of the 60th month for the balance of the loan. 

Determine the amount of the extra payment in the alternative payment scheme. This is Gsu Stats 480