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A property just sold for $4,000,000. The mortgage was based on a 3.0% interest rate, a 20-year amortization, and compounded monthly. The equity capitalization rate
A property just sold for $4,000,000. The mortgage was based on a 3.0% interest rate, a 20-year amortization, and compounded monthly. The equity capitalization rate is 15.0%, and the loan-to-value ratio is 95.0%. Rounding to the nearest $1,000, what was the net operating income?
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