An office building should last 60 years but this owner will sell it at 20 years for 40% of its construction cost. For the first 20 years it can be leased as Class A space, which is all this owner operates. When the building is sold, the lands cost will be recovered in full.

$2.2M	Land
$4.1M	Building
$640,000	Annual operating and maintenance
4%	Annual property taxes and insurance (% of initial investment)

A. If the owner wants a 12% rate of return, what is the required monthly leasing cost?

(We are supposed to use excel functions and I can only get to a certain point and was curious if any excel smart people could use the excel functions with a step by step explanation of what functions they used, thanks).