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A commercial real estate developer plans to borrow money to finance an upscale mall in anexclusive area of the city. The developer plans to get

A commercial real estate developer plans to borrow money to finance an upscale mall in anexclusive area of the city. The developer plans to get a loan that will be repaid with uniformpayments of $425,000 beginning in year 2and ending in year 16.How much will a bank be willing to loan at an interest rate of 5% per year?

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