QUESTION 16 You want to purchase an office building in Brooklyn that is expected to generate $241345 net operating income (NOI) in the following year. You decide you want to take out a loan to finance the purchase of this property. It will be an IO loan at a rate of 5.30%, compounded annually, with annual payments. The lender will provide financing up to a minimum Debt Service Coverage Ratio (DSCR) of 1.2 based off the next year's NOI. What is the largest loan amount the lender will allow you to take based on the DSCR requirement? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58) QUESTION 17 You purchase a mixed use building in Queens that is expected to generate $786341 net operating income (NOI) in the following year. You finance your purchase with an $8,000,000 Interest-only loan at a rate of 5.68%, compounded annually, with annual payments. What is your net income expected to be in the following year? State your answer as a number rounded to the nearest cent (e.g. if you get $13.57654, write 13.58)