Explain step-by-step the calculation. Assume that a construction budget is $9,704,500. A construction lender is willing to fund up to 80% of this amount including interest charges. The first four draw requests are $1,557,938 each excluding interest. The next four draw requests are $259,656 excluding interest. All draw requests are at the beginning of each month. The annual interest rate is 12% determined on a monthly basis which is added to the outstanding loan amount.

2. What is the cumulative amount of interest accrued over the period?
4. Does the lender exceed his 80% threshold?