20) Given the following information regarding an income producing property, determine the NPV using levered cash flows in your analysis: required equity investment: $270,000; expected NOI for each of the next five years: $150,000; debt service for each of the next five years: $125,000; expected holding period: five years; required yield on levered cash flows: 15%; expected sale price at end of year 5: $2,000,000; expected cost of sale: $125,000; expected mortgage balance at time of sale: $1,500,000. A. $245.15 B. $270,245.15 C. $ 419,264.54 D. $1,435,029.64 21) Determine the net present value (NPV) of an investment decision to purchase a property for $90,000 that will generate annual cash flows of $10,000 per year for eight years and sell for $80,000 at the end of the eight-year holding period, if the appropriate discount rate is 10%? (Note: assume payments are made at end of year.) A. $2,475 B. - $609 C. + $609 D. +$2,475