Question: A demand loan of $7000.00 is repaid by payments of $3000.00 after two years, $3000.00 after four years, and a final payment after seven years.

 A demand loan of $7000.00 is repaid by payments of $3000.00

A demand loan of $7000.00 is repaid by payments of $3000.00 after two years, $3000.00 after four years, and a final payment after seven years. Interest is 5% compounded monthly for the first two years, 6% compounded quarterly for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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