You have a loan outstanding. It requires making

sixsix

annual payments of

$1,000

each at the end of the next

six

years. Your bank has offered to restructure the loan so that instead of making the

six

payments as originally agreed, you will make only one final payment in

six

years. If the interest rate on the loan is

7 %,

what final payment will the bank require you to make so that it is indifferent to the two forms of payment?

The final payment the bank will require you to make is

$nothing.

(Round to the nearest dollar.)