Suppose you quit your job as an accountant earning an annual salary of $50,000 to buy foreclosed homes, fix them up, and then resell them. You have $200,000 of your own money to invest in this, half of which you use to purchase three homes for a combined $500,000 (borrowing the remaining $400,000), and spend the remaining $100,000 of your money on materials. Over the course of one year you fix up all three homes and resell them for a total of $700,000. Assume that your loan to purchase the homes is payable in one lump sum at the end of one year. If you can borrow and lend money at a 6% annual rate of interest, what was your total cost of renovating these three homes?