6. A property is purchase for $15 million. Financing is obtained at a 75 percent loan-to-value ratio with total annual payments of $1,179,000. The property produces an NOI of $1,400,000. What is the equity dividend rate (ratio of first year cash flow to equity)? a. 5.89% b. 9.33% c. 7.86% d. 8.64%