QUESTION $19$

A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $$2,500$ per month for the next three years and then $$1500$ per month for the two years after that. If the bank is charging customers $9$ percent APR, how much would it be willing to lend the business owner?

$$4,046\mathrm{.}90$

$$103,706\mathrm{.}87$

$$24\mathrm{.}261\mathrm{.}00$

$$66,000\mathrm{.}00$