Please complete the highlighted "c." and show work for the problem in a logical manner, thank you!

2) Arnold Benedict is thinking of buying an apartment complex that is offered for sale by the firm of Getabinder and Flee. The price, $2.25 million, equals the property's market value. The following statement of income and expense is presented for Benedict's consideration: The Sated Satyr Apartments Prior Year's Operating ResultsPresented by Getabinder and Flee, Brokers ----------------------------------------------------------------------------------------------------------30 Units, All Two-Bedroom Apartments, $975 per Month Washer and Dryer Rentals $351,000 10,000 Gross Annual Income $361,000 Less Operating Expenses: Manager's Salary $10,000 Maintenance Staff (one person, part time) Seedy Landscapers Property Taxes Net Operating Income 7,800 1,300 13,000 $32,600 $328,400 ----------------------------------------------------------------------------------------------------------By checking the electric meters during an inspection tour of the property, Benedict determines the occupancy rate to be about 80 percent. He learns, by talking to tenants, that most have been offered inducements such as a month's free rent or special decorating allowances. A check with competing apartment houses reveals that similar apartment units rent for about $895 per month and that vacancies average about 7 percent. Moreover, these other apartments have pools and recreation areas that make their units worth about $35 per month more than those of the Sated Satyr, which has neither. The tax assessor states that the apartments were reassessed 12 months ago, and that current taxes are $76,374. Benedict learns that the resident manager at Sated Satyr, in addition to a $10,000 salary, gets a free apartment for her services. He also discovers other expenses: insurance will cost $6.50 per $1,000 of coverage, based on estimated replacement cost of about $1.8 million; workers' compensation ($140 per annum) must be paid to the state; utilities, incurred to light hallways and other common areas, cost about $95 per month for similar properties; supplies and miscellaneous expenses typically run about . 25 percent of effective gross rent. Professional property management fees in the market area typically are about 5 percent of effective gross income. Based on this information that Benedict obtained and assuming typically competent, professional management, Benedict arrived at the following reconstructed operating statement as shown below: The Sated Satyr ApartmentsReconstructed Operating Statement ----------------------------------------------------------------------------------------------------------Potential Gross Rent (30 Units, at $860 per month) $309,600 Less: Allowance for Vacancies (7 percent) 21,672 Plus: Other Income (Laundry and vending Machines) 7,500 Effective Gross Income $295,428 Less: Operating Expenses: Management Fee (5% of effective gross income) Resident Manager (Salary Plus Free Rent) $14,771 20,320 Utilities 1,140 Property Insurance 11,700 Workers' Compensation Insurance 140 Supplies and Miscellaneous (.0025 X $299,250) 748 Landscaping and Grounds Maintenance 3,300 Maintenance and Repairs 7,800 Property Tax Net Operating Income (Annual) 76,374 136,293 $159,135 ----------------------------------------------------------------------------------------------------------c. Develop a 5-year amortization schedule for Sated Satyr Apartments assuming that Benedict can obtain a $1,500,000 loan with terms of interest at 8.5 percent per annum and level annual payments to amortize the loan over 20 years. There are no points or loan amortization fees anticipated