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Consider a construction loan made to ABC Inc. The loan amount is $6 million, which is drawn evenly (i.e., a $1,000,000 monthly draw) for the

Consider a construction loan made to ABC Inc. The loan amount is $6 million, which is drawn evenly (i.e., a $1,000,000 monthly draw) for the next six months. Assume that each disbursement occurs at the end of the month.The annual interest rate is 8% for the construction loan.What is roughly the total loan amount (including interest)required to finance this project?

$6,302,560

$6,107,786

6,032,250

$6,345,810

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