A property is purchase for $$16$ million. Financing is obtained at a $70\%$ loan$-$to$-$value ratio with total annual payments of $$1,200,000.$ The property produces an NOI of $$1,500,000.$ What is the equity dividend rate $($ratio of first year cash flow to equity$)?$

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$6\mathrm{.}99\%$

$6\mathrm{.}25\%$

$9\mathrm{.}38\%$

$7\mathrm{.}50\%$