15. Sam is purchasing a retail center for $14 million. Expected first-year netoperating income for this center is $1.25 million. Butcher's Financialwill provide 25-year, 8.75 percent fixed rate financing with monthly payments, a maximum loan-to value ratio of 80 percent, and a minimum debt-coverage ratio of 1.30. Based on these terms, what is the maximum loan amount Sam can expect?

A. $11 200 000 B. $9 746 254 C. $ 116 955 045 D. $ 10 136 104

E. $ 16 471 169