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 $3,000,000 for the takeout loan, which is amortized over 25 years at an annual interest rate of 6.15%. According to Canadian mortgage rules, what was the estimated amount of the initial takeout loan borrowed?
Question 4 options:
$25,700,000
$28,300,000
$32,100,000
$38,500,000

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