A developer is working with the bank to get a construction loan for 100% of its $20,000,000 apartment project. The developer is supplying an estimated draw schedule. The bank is proposing the following terms for the loan. Please compute and complete the following draw schedule/Amortization table. You should assume that amortized payments begin in the 37th month. Instead of providing extension options, the bank is providing a full 5-year construction loan that begins as an interest only loan and converts to a fully amortizing loan at the beginning of the fourth year. 1) What is the Maximum Loan Amount rounded up to the nearest $100,000? 2) In what years does the interest rate cap effect the payment schedule? 3) What is the total amount of capialized interest accrued during the construction period? 4) What is the total payoff amount of the loan after the 60th monthly payment? Loan Details: Construction Loan Project Cost $ 20,000,000.00 Maximum Loan Amount Reset Period Initial Rate Amortization Amortization Amortization Term Interest Rate Cap Index Margin 1 Year 2.500% 36 Months Interest Only Negative During the construction period only 30 Years once fully funded 5 Years 1.000% 1 year LIBOR 3.500% Draw Schedule Month Initial Draw 1 2 3 4 5 9 10 11 12 13 67822222 Expected 1 year LIBOR Current 0.400% 2 0.750% 3 1.500% 4 2.500% 5 4.500% Initial Draw Percentage Initial Draw Beginning Period Loan Balance Capped Interest Interest Rate Rate Payment Capitalized Payment Interest Payment Principal Payment Expected Draw Percentage End of Month Draw Ending Period Loan Balance 15.00% 0.50% 0.50% 0.50% 1.00% 1.00% 1.00% 1.50% 1.50% 1.50% 3.00% 3.00% 3.00% 4.00%