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You have a loan outstanding. It requires making three annual payments of $3000 each at the end of the next 7 years. Your bank has offered to restructure the loan so that instead of making the three payments as originally agreed, you will make only one final payment in 7 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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Category:- Financial Management
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