A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month

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A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month for the next three years and then $500 per month for the two years after that. If the bank is charging customers 5.5 percent APR, how much would it be willing to lend the business owner? Multiple Choice $4,046.90 $59,293.50 $24,261.00 $66,000.00

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