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garik1379 [7]
3 years ago
15

Each parcel of land in a new development is selling for $15,000 and the total project revenue is estimated to be $5,000,000. The

project lender has stated that the loan should be paid off when 80% of the total project revenue has been earned. The total loan amount is $3,500,000. What is the release price for each parcel?
Business
1 answer:
USPshnik [31]3 years ago
5 0

Answer:

The release price for each parcel is $13,215.

Explanation:

Release price for each parcel = [3500000/(5000000*80%)]*15000

                                                  = $13,215

Therefore, The release price for each parcel is $13,215.

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