You have a loan outstanding. It requires making 7 annual payments at the end of the next 7 years of $ 1 comma 000 each. Your bank has offered to allow you to skip making the next 6 payments in lieu of making one large payment at the end of the loan’s term in 7 years. If the interest rate on the loan is 8.02 %, 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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