Question: Randy started to construct a new building in January 1, 2020 and the it was fully completed on December 31, 2020. During this period the

Randy started to construct a new building in January 1, 2020 and the it was fully completed on December 31, 2020. During this period the company has paid for contractors following payment:
Date of Payment
Payment in $
January 1, 2020
250,000
March 1, 2020
250,000
August 1, 2020
400,000
October 1, 2020
600,000
December 31, 2020
500,000
The debt balances in 2020 shows following:
Special Debt for construction has been signed on January 1 , 2020 at interest rate of 12% by $500,000
General Debt (N/P $300,000 10%-10 years dated on January 1, 2018)
General Debt (N/P $200,000 7.5%- 5 years dated on January 1, 2019)
Required: Actual Interest Cost

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