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Roughly the total loan amount

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Consider a construction loan made to ABC Inc. The loan amount is $6 million, which is drawn evenly (i.e., a $1,000,000 monthly draw) for the next six months. Assume that each disbursement occurs at the end of the month. The annual interest rate is 8% for the construction loan. What is roughly the total loan amount (including interest) required to finance this project?

A. $6,302,560
B. $6,100,893
C. 6,032,250
D. $6,345,810

Reference no: EM131044589

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