Question: SHOW WORK! PLEASE. SHOW HOW TO CALCULATE EACH STEP. Assume that a construction budget is $ 9 , 7 0 4 , 5 0 0

SHOW WORK! PLEASE. SHOW HOW TO CALCULATE EACH STEP.
Assume that a construction budget is $9,704,500. A construction lender is willing to fund up to 80% of this amount including interest charges. The first four draw requests are $1,557,938 each excluding interest. The next four draw requests are $259,656 excluding interest. All draw requests are at the beginning of each month. The annual interest rate is 12% determined on a monthly basis which is added to the outstanding loan amount.
What is the cumulative amount of interest accrued over the period?
Does the lender exceed his 80% threshold?

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