A property is purchased for $2 million. Financing is obtained at a 70% loan-to-value ratio, with total annual principal and interest payments of $119,780. The property produces an NOI of $171,000. Of the $119,780 annual payment noted above, $98,680 was applied towards the interest and the remaining $23,100 was principal. Annual depreciation claimed against the property is $48,100. Assuming the tax rate of 28%, what is the operating after tax cash flow for the above property? $39,800 O $6,782 $51,220 $44,438 $ 128,000 Question 29 (5 points) Problems #29-31 A property that generates NOI of $65,000 in first year, $75,000 in 2nd, $77,000 in 3rd, and $85,000 in 4th year is expected to seil in year 4 for $1,200,000. If the property was purchased with cash for $900,000, what is the IRR on this project? 0 % 67.00% 76.00% 14.00% 14.95% 24.00%