On January 2001, a company takes a $5,000,000 Loan to purchase an apartment complex. The loan is to be financed over 5 years at an interest rate of 4% payable every six months. Using the table below: TIME Period Jan-01 $ 5,000,000.00 Jun-01 1 $ 556,642.63 $ 100,000.00 $ 456,642.63 Dec-01 2 $ 556,642.63 Jun-02 3 $ 556,642.63 Dec-02 4 $ 556,642.63 Jun-03 5 $ 556,642.63 Dec-03 6 $ 556,642.63 Jun-04 7 $ 556,642.63 Dec-04 8 $ 556,642.63 Jun-05 9 $ 556,642.63 Dec-05 10 $ 556,642.63 What is the cumulative amount of interest paid through the life of the loan?

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To calculate the cumulative amount of interest paid through the life of the loan we first need to ... View the full answer