Problems 26-28. A property is purchased for $2 million. Financing is obtained at a 70% loan-to-value ratio, with total annual principal and interest payments of $119,780. The property produces an NOI of $171,000. What is the before-tax cash flow from operations (BTCFO)? O $47,120 O $51,220 O $107,576 $1,109,220 $1,280,000