Question: A demand loan of $7000.00 is repaid by payments of $3500.00 after two years, $3500.00 after four years, and a final payment after seven years.

A demand loan of $7000.00 is repaid by payments of $3500.00 after two years, $3500.00 after four years, and a final payment after seven years. Interest is 5% compounded monthly for the first two years, 6% compounded annually for the next two years, and 6% compounded quarterly thereafter. What is the size of the final payment?

The final payment is $ _.

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