Cobble Creek was originally financed with $60 million of equity and a construction loan for $140 million.
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Cobble Creek was originally financed with $60 million of equity and a construction loan for $140 million. The construction period was eight quarters in length. The construction draws at $20 million each were made at the end of the second through eighth quarters. Interest accrued on all draws at 10 percent, compounded quarterly. Prepare a draw schedule showing interest and principal.
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