FINANCE-Your business is doing well but you have ambitions to make it exceptional

Effective Cost of a Loan:Your business is doing well but you have ambitions to make it exceptional. In order for your dreams to come true you will need to borrow million dollars.You seek the following terms:Annual interest ≤ 9.5%, a 2 ½ year term,All interest and principle payments deferred to the end of the 2 ½ year term of the loanFront-end costs ≤ $50,000.Your criteria are based on what you determined to be your maximum effective cost.Using the information provided, determine the effective cost AND whether your project maximums are acceptable.Note: deferred payments compound over the life of this loan on a monthly basis.**PLEASE SHOW & LIST ALL STEPS TO SOLUTION, THANK-YOU!**

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