A commercial real state 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 Php...

A commercial real state 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 Php 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?