Question: Casa Loma Development secured a permanent takeout loan to settle their construction loan for a recently completed project. Currently, they are servicing an annual debt
Casa Loma Development secured a permanent takeout loan to settle their construction loan for a recently completed project. Currently, they are servicing an annual debt cost of $ for the takeout loan, which is amortized over years at an annual interest rate of According to Canadian mortgage rules, what was the estimated amount of the initial takeout loan borrowed?
Question options:
$
$
$
$
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