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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 $1,000 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 $1,000 per month for the next four years and then $750 per month for three years after that. If the bank is charging customers 7 percent APR, how much would it be willing to lend the business owner? (Round your answer to two decimal places)

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