3. (12 points) Consider the following project: Assume it is of 8-month duration. The cost of borrowing money is 0.5% per month. Monthly pay estimates will be submitted on the fifth of the month, for work completed as of the last day of the preceding month, with payments anticipated 30 days later. Under the terms of the contract, the owner will retain 5% of the contract amount. Estimated cost is $320,000. Using a 10% markup, the contractor bid $352,000. Expected monthly costs are $44,000 per month. Calculate the following: a. What is the sum of the contractor's outlay at the end of the first month, including interest on money borrowed? b. Under the terms of the contract, for what amount will the contractor invoice the owner on day 35 of the job? c. At the end of month 2, what is the contractor's running total of net revenue, including all expenses and all interest up to that point? d. By what day can the contractor expect to receive the first payment from the owner and in what amount will it be? 3. (12 points) Consider the following project: Assume it is of 8-month duration. The cost of borrowing money is 0.5% per month. Monthly pay estimates will be submitted on the fifth of the month, for work completed as of the last day of the preceding month, with payments anticipated 30 days later. Under the terms of the contract, the owner will retain 5% of the contract amount. Estimated cost is $320,000. Using a 10% markup, the contractor bid $352,000. Expected monthly costs are $44,000 per month. Calculate the following: a. What is the sum of the contractor's outlay at the end of the first month, including interest on money borrowed? b. Under the terms of the contract, for what amount will the contractor invoice the owner on day 35 of the job? c. At the end of month 2, what is the contractor's running total of net revenue, including all expenses and all interest up to that point? d. By what day can the contractor expect to receive the first payment from the owner and in what amount will it be