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You have a loan outstanding it requires making seven annual payments of $4,000 each at the end of the next seven years. Your bank has
You have a loan outstanding it requires making seven annual payments of $4,000 each at the end of the next seven years. Your bank has ofered to alow you to skip making the next six poyments in leu of making one large payment at the end of the loan's term in seven yeass. If the interest rate on the loan is 8%, what final paymont wall the bank require you to make so that it is ind mererent to the two forms of poyment? The final payment the bonk wal require you to make is? (Round to the nearest dollar)
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