A small business owner visits her bank to ask for a loan, Financial Management

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A small business owner visits her bank to ask for a loan

A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $1,200 per month for the next three years and then $2,400 per month for two years after that. If the bank is charging customers 8.00 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Present value $____________

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Financial Management: A small business owner visits her bank to ask for a loan

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