John Smith guarantees a commercial real estate loan and has provided a personal financial statement sumrnarized in the table below. What is his leverage (total liabaties/total assets) on a "grossed up" basis? Note: Total real estate portfolio value: $80,000,000 Total real estate portfolio liabilities: $60,000,000 Net interest in partherships (\%): 20% Net interest in partnerships (\$) $4,000,000 8 percent 28 percent 75 percent 78 percent