Assume you are buying an existing apartment complex and have made the following assumptions:

Data
Acquisition Cost	$5,000,000
Project Length	5
Year 1 Rental Income	$560,000
Rental Income Annual Growth	3%
Year 1 Expenses	$200,000
Expenses Annual Growth	2%
Ordinary Tax Rate	28%
Capital Gains Tax Rate	15%
Annual Appreciation Rate of Property Market Value	3%
30-year Fixed Fully Amortizing Loan (monthly payments)
Term in Years	30
Interest Rate (Annualized)	6%
LTV	75%

The proceeds of the loan are received at time 0 and the first operating revenue is received one year later, at the end of year 1. For simplicity, assume there is no depreciation. You plan to sell the property at the end of year 5.

a) Construct an amortization table for the loan.

b) Calculate the before tax and after-tax IRR of your investment.