You have a loan outstanding. It requires making

eight

annual payments of

$7,000

each at the end of the next

eight

years. Your bank has offered to allow you to skip making the next

seven

payments in lieu of making one large payment at the end of the loan's term in

eight

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?