Small Business Owner Visits Bank Ask Loan Owner States Repay Loan 1 800 Per Month Next Thr Q17775954

A small business owner visits his bank to ask for a loan. Theowner states that he can repay a loan at $1,800 per month for thenext three years and then $2,800 per month for the two years afterthat. If the bank is charging customers 7.25 percent APR, how muchwould it be willing to lend the business owner?
 
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