Question: You are developing a property and need to take out a construction loan. Loan terms are as follows: / Construction Cost ( excluding loan interest

You are developing a property and need to take out a construction loan. Loan terms are as follows:/ Construction Cost (excluding loan interest): $1,950,000 Loan-to-Cost (LTC): 70% Construction Period: 12 months Average Outstanding Loan Balance: 50% Annual Interest Rate: 5% Answer the following (Round your answer to the nearest whole dollar): What is the amount of equity you need? What is the sum of all your interest payments

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