The flowchart for the loan application approval process at the Prime Community Bank is given below. This process consists of several different activities, each performed by a different bank employee. Approved loan applications first arrive at Step $1,$ where they are checked for completeness and put in order. At Step $2,$ the loans are categorized into different classes according to the loan amount and whether they are being requested for personal or commercial reasons. While credit checking commences at Step $3,$ loan application data are entered in parallel into the information system for record$-$keeping purposes at Step $4.$ Finally, all paperwork for setting up the new loan is finished at Step $5.$ The time taken in minutes is given in parentheses.$*$ Which single step is the bottleneck, assuming enough demand? $(2$ point$)*$ What is the maximum number of approved loans this system can process in a $8-$hour workday? $(2$ points$)*$ What is the flow time for a typical loan application? $(1$ point$)$