A small business owner visits a bank to ask for a loan. the owner states that he can pay the loan back at $1600 per month for the next 3 years and…

A small business owner visits a bank to ask for a loan. the owner states that he can pay the loan back at $1600 per month for the next 3 years and $600 per month for two years after that. If the bank is charging 8.75% APR how much would it be willing to lend this business?

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