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You have a loan outstanding and it requires making 8 annual payments at the end of the next 8 years of $6,000 each. your bank has offered to allow you to skip making the next 7 payments in lieu of making one large payment at the end of the loans term in 8 years. Of the interest rate on the loan is 6.54% what final payment will the bank require you to make so that it is indifferent between the two forms of payment? The present value of the cash flows is $________round to nearest dollar
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DATE ANSWEREDDec 08, 2020
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