Question: Please Include Detailed Steps as to how you would arrive to the answer! Question 22 0/5 pts Waylon & Willie Bank of Luckenbach quotes an

Please Include Detailed Steps as to how you would arrive to

Please Include Detailed Steps as to how you would arrive to the answer!

Question 22 0/5 pts Waylon & Willie Bank of Luckenbach quotes an APR of 12.67% on its small business loans up to $100,000 in principal. The bank calculates interest monthly on these loans and adds it to the principal outstanding. The loan (principal and accumulated interest) does not need to be repaid until maturity. Suppose that you would like to borrow $42,105 for a period of 5 years for your small business. What will your business owe at maturity of the loan? Enter your answer in dollars and cents; round to the penny. You Answered 89,691.98 Correct Answer 79,070.95 margin of error +/- 1

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