6. Suppose that you purchased a shopping center for $15 million using a 20-year loan for 80% of the purchase price with an annual interest rate of 4% with monthly payments and monthly compounding. You plan on selling the property at the end of the 5th year and predict that the future selling price will be $19.5 million. If selling expenses are expected to be 3% of the future selling price, what will be before-tax equity reversion be from the sale of the property at the end of the 5th year?

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