Answer:
$432,600
Step-by-step explanation:
Given:
Total square footage: 103,000 square feet
Construction cost per square foot: $42
Financing available: 90% (90% = 0.9)
How much money must the developer put up to complete the project?
First, we calculate the total cost of construction.
103,000 · 42 = $4,326,000
Next, we calculate the financing amount.
4,326,000 · 0.9 = $3,893,400
Final. we subtract the financing amount from the total construction cost to find the money the developer must put up.
4,326,000 - 3,893,400 = $432,600
So, the developer must put up $432,600 to complete the project.
