JAE Small Business Loan. Mohammad tried one last time to explain the loan structure offered by the company's Emirates bank. His boss just stared at him. Mo explained the detailed calculation of annual interest and principal payments, step-by-step, as detailed by the bank. The loan was for USD 7 million, for 5 years, with an 8.03% interest rate. Step 1: Calculate interest on Loan Principal for one year. Step 2. Multiply that interest by the number of years of the loan. The bank labeled this "Total Interest." Step 3: Add the calculated Total Interest to the Loan Principal Step 4: Divide this calculated total by the number of years of the loan. This is the annual payment due on the loan (principal and interest) Step 5. Using the calculated annual payment from step 4, structure the repayments to make all interest payments (totaling to Total Interest from Step 2) up-front. Once all interest has been paid, the remaining cash flows associated with the annual payment are considered repayment of principal a. Complete the full calculation of the proposed loan, including all 5 years of principal, interest, and total payments. b. Estirnate the allin-cost of this financing. a. Complete the full calculation of the proposed loan, including all five years of principal, interest, and total payments. Step 1. Calculate interest on Loan Principal for one year The interest on Loan Principal for one year is $ (Round to the nearest dollar)