Question: A PROPERTY IS ANALYZED FOR A CONSTRUCTION LOAN. THE TOTAL COST IS $12 MILLION; THE 2 YEAR LOAN IS $8 MILLION AND ACCRUED INTEREST IS

A PROPERTY IS ANALYZED FOR A CONSTRUCTION LOAN. THE TOTAL COST IS $12 MILLION; THE 2 YEAR LOAN IS $8 MILLION AND ACCRUED INTEREST IS $450,000 AFTER 2 YEARS. the loan term extended 9 months during lease-up and accrues at 8%/yr; what is the loan balance at the end of 33 months?

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