Question $10$

Suppose you want to sell an investment property after $5$ years, and you

want to calculate the final Levered Before$-$Tax Cash Flow $($BTCF$)$ at the

end of year $5.$ Which of the following represents the Levered Before$-$Tax

Cash Flow in Year $5?$

Expected Year $6$ NOI $-$ Debt Service $+$ Net Sale Proceeds

Year $5$ NOI $-$ Debt Service $-$ Debt Retirement $+$ Net Sale Proceeds

Year $5$ NOI $-$ Debt Service $+$ Gross Sale Price

Year $5$ NOI $-$ Debt Service