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You have a loan outstanding. It requires making annual payments of $ 3000 each at the end of the next 3 years. Your bank has
You have a loan outstanding. It requires making annual payments of $ 3000 each at the end of the next 3 years. Your bank has offered to allow you to skip making the next 2 payments in lieu of making one large payment at the end of the loan's term in 3 years. If the interest rate on the loan is 8% , what final payment will the bank require you to make so that it is indifferent to the two forms of payment
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