MONTH BBSW LOAN NCF 0 -12,500 3 6.9% 745,000,000 6 7.4% -92,500 -12,500 5,000,000 -92500 9 8.2% 12 9.0% 15 108,750 0.78,750 - 100,000 -5,118,750 15% 18,750 -5,100,000 11) EFFECTIVE BORROWING RATE: -98,750 -98,750 - No CAP - 5,000,000 = 92500 98750 108,750 5118,750 + + 5+7 (1+r) (1+r) (1+r)4 IRR = 2.09% P.q. = 8.36% .. WITH CAP 5000000 - 0 = 12500- tr 92500 98750 100000 21+7) + (1+r) + (1+r) IRR = 2.02 % P.2. = 8.09 % pa. + 5100000 5(J+1)