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You have a loan outstanding. It requires making 6 annual payments at the end of the next 3 years of $ 2,000 each. Your bank

You have a loan outstanding. It requires making 6 annual payments at the end of the next 3 years of $ 2,000 each. Your bank has offered to allow you to skip making the next 5 payments in lieu of making one large payment at the end of the loan's term in 6 years. If the interest rate on the loan is 2.99 %, what final payment will the bank require you to make so that it is indifferent between the two forms of payment?

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