A property is available for sale. We require an EDR of 15% on our $400,000 down payment, and we know the prospective property has an NOI of $180,000, before debt service. With debt at 6.5% for 25 years with monthly payments, to the nearest $1,000, what is the most we can pay for the property?

Group of answer choices

$1,881,000

$2,094,000

$2,393,000

$2,793,000