7 Construction loan is requested for 24 months. $12,000,000 of construction costs need financing. Initially, 40% of costs will be drawn in the first 12 months and the remaining 60% of costs will be drawn over the next 12 months. The costs will be drawn in equal amounts at the end of every month. The construction loan interest will accrue at the following annual interest rates: Months 1-6: 3.19%; Months 7 - 12: 2.68%; Months 13-24: 3.05%. What is the total amount of the construction loan request? Enter your answer rounded to two decimal places (e.g. 123.56). Maximum marks: 4