Question: The answer I calculated was incorrect. A small business owner visits his bank to ask for a loan. The owner states that he can repay

The answer I calculated was incorrect. A small business owner visits

The answer I calculated was incorrect.

A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $2,200 per month for the next three years and then $1,200 per month for two years after that. If the bank is charging customers 10.25 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Present value S 93,873.55

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