3. Mr. Smith owns a property that has a net operating income of $20,000, principal and interest payments of $13,000, and an income tax liability of $5,000. What is Mr. Smith's cash flow after taxes? a. $25,000 b. $15,000 c. $20,000 d. $2,000

3. Mr. Smith owns a property that has a net operating income of $20,000, principal and interest payments of $13,000, and an income tax liability of $5,000. What is Mr. Smith's cash flow after taxes? a. $25,000 b. $15,000 c. $20,000 d. $2,000