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$10M in hard money short-term loans was raised. The $10 million carried an interest rate of 24% with a due date of July 4, 2007,
$10M in hard money short-term loans was raised. The $10 million carried an interest rate of 24% with a due date of July 4, 2007, and a default penalty of 1.5% of the loan principal per day.
1.Calculate the total due including interest and penalty on the $10 million hard money loan as of March 2009 when the mill started up.
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