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5. A commercial real estate developer plans to borrow money to finance an upscale mall...

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Finance

5. A commercial real estate developer plans to borrow money to finance an upscale mall in an exclusive area of the city. The developer plans to get a loan that will be repaid with uniform payments of $400,000 over a 15-year period beginning in year 2 and ending in year 15. How much will a bank be willing to loan at an interest rate of 10% per year

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