Agasse Industries began construction of a new facility and took out a $1,500,000, 12% construction loan on April 1, 2021

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answerhappygod
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Agasse Industries began construction of a new facility and took out a $1,500,000, 12% construction loan on April 1, 2021

Post by answerhappygod »

Agasse Industries began construction of a new facility and took
out a $1,500,000, 12% construction loan on April 1, 2021. Agasse
made payments to the general contractor of $310,000 on April 1,
$810,000 on August 31, and $410,000 on December 31.

Required:
Compute the amount of interest that Agasse would
capitalize in 2021. (Do not round intermediate
calculations.)
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