Pharoah Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $9,000,000 on January 1, 2020. Pharoah expected to complete the building by December 31, 2020. Pharoah has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $3,600,000
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 2,700,000
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,800,000

Assume that Pharoah completed the office and warehouse building on December 31, 2020, as planned at a total cost of $9,360,000, and the weighted-average amount of accumulated expenditures was $6,480,000.

Required:
Compute the avoidable interest on this project.

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Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

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