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What is the projected balance due on a construction loan

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Reference no: EM131737031

Question: The following table shows the projected draws to pay the construction costs of a project that is expected to take four months to complete. The draws are projected to occur at the beginning of each month. What is the projected balance due on a construction loan at the end of the fourth month if the interest rate is 10% per annum with monthly compounding?

Month            Draw

1              $1,000,000

2              $2,000,000

3              $1,500,000

4              $2,500,000

Reference no: EM131737031

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