Question: UPDATE: ( The answer is NOT $80,964 or 80,963.51) You have a loan outstanding. It requires making 8 annual payments at the end of the

UPDATE: (The answer is NOT $80,964 or 80,963.51) You have a

UPDATE:

(The answer is NOT $80,964 or 80,963.51)

You have a loan outstanding. It requires making 8 annual payments at the end of the next 8 years of $8,000 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 loan's term in 8 years. If the interest rate on the loan is 6.62%, 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 the nearest dollar.)

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