Question: 2. Darrell spoke with a financial advisor and learns he can afford to make monthly payments of $1000 for the next 5 years in

2. Darrell spoke with a financial advisor and learns he can afford to make monthly payments of $1000 for the next 5 years in order to start a business. At this point in time, he is able to borrow an amount with an interest of 4.8% compounded monthly. a) What amount of loan is Darrell able to borrow from the bank? [3 marks] b) How much money will he end up paying over the 5 years? [1 mark] c) How much interest does he pay on the total investment? [1 mark]

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