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You are developing a property and need to take out a construction loan. Loan terms...

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Finance

You are developing a property and need to take out a construction loan. Loan terms are as follows:

Construction Cost (excluding loan interest):$3,250,000Loan-to-Cost (LTC):50%Construction Period:24 monthsAverage Outstanding Loan Balance:60%Annual Interest Rate:8%

Answer the following (Round your answer to the nearest whole dollar):

What is the amount of equity you need?

What is the sum of all your interest payments?

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