A lender is willing to provide a loan equal to 80% of a property worth $360,000.The loan will carry an annual interest rate of 7.5% for a term of 20 years.The 7.5% 20-year annual loan payment factor is .09809. The NOI is $40,000 per year. Hint: multiply the property value by the factor to obtain the annual mortgage payment.What is the projected before-tax cash flow?

$11,000

$11,750

$15,615

$28,024