An investor is considering the purchase of a residential rental property that has an asking price of $400,000. The property has four rental units that are expected to rent for $1,200 each per month. Operating expenses and vacancy allowances are expected to be 45% of gross income. An 5% interest only mortgage loan is available for 5 years at 100% of the purchase price.

How much cash income will the investor receive each month of the first year after paying the monthly mortgage payment?

	A.	$2,640
	B.	$973
	C.	$1,361
	D.	$1,667

This is Finance real estate