Fill in the Table Below Assuming End-Of-Month Draws, 8% Interest

Fill in the table below assuming end-of-month draws, 8% interest per annum compounded monthly, and no payments owed for either interest or principal during the construction.

$$\begin{array} { | l | l | l | l | } \hline \text { Month } & \text { New Draw } & \text { Current Interest } & \text { New Loan Balance } \\\hline 1 & \$ 500,000 & & \\\hline 2 & \$ 700,000 & & \\\hline 3 & \$ 400,000 & & \\\hline\end{array}$$

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