Question
A developer has a $2.4 million interest only loan and is drawing down funds evenly over 12 months. The annual interest rate is 6.0% Construction
A developer has a $2.4 million interest only loan and is drawing down funds evenly over 12 months. The annual interest rate is 6.0% Construction started July 1 so he drew down $200,000 at the end of July, another $200,000 at the end of August, and another $200,000 at the end of September. How much interest has accrued between July 1 and September 30?
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International Finance Transactions Policy And Regulation
Authors: Hal S. Scott
15th Edition
159941547X, 978-1599415475
