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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 $2,600 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 $2,600 per month for the next three years and then $1,600 per month for two years after that. If the bank is charging customers 8.75 percent APR, how much would it be willing to lend the business owner? Note: Do not round intermediate calculations and round your final answer to 2 decimal places

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