A lender values a property based on a $1\mathrm{.}2$ debt$-$coverage ratio applied to the first year NOI of $$150,000.$ The equity capitalization rate is $8\%.$ What is the estimated value if the mortgage balance is $$1,000,000?$

$$1,312,500$

$$1,375,000$

$$1,875,000$

$$2,250,000$