Section 1: Macro-Economic Indicators and Drivers Macroeconomic indicators will always affect investments. Just like the ocean tides cause all boats to float at the same relative height in low or high tide, macroeconomic indicators affect all investment categories equally. For this reason, please use the indicators we explored during this semester to explain the relative impact to the total investment return of a $1 million real estate investment. Please focus on percentage return and the risk of capital loss during the 10 years. Section 2: Real Estate Investment Asset One of the most popular real estate investment categories is apartment complexes. For the purpose of this essay, please consider purchasing a complex of 100 apartments close to the USA campus. The rents are $1,000 /unit/month, leases are for one year, tenants pay for all utilities, and all leases start on August 1st and terminate July 31tt. Section 3: Mortgage or Loan Financing All real estate investments use some financing source outside of the investors cash. As we explored in class, some loans require as little as 3% of purchase price deposit. With such a lower deposit, the return on equity can be substantial. Please select a financing option and calculate the investment return in two ways. The first way is the total return of the apartment complex without financing, In the second way, please calculate the total investment return with a mortgage financing 90% of the purchase price. For this calculation, please state the interest rate of the mortgage, the time to maturity, and the down payment required. Finally, use an online mortgage calculator to determine the monthly mortgage payment your investment portfolio will make to the lender. section 4: Investment Analysis This section takes into account the information from the three previous sections. Please detail the following financial data year-by-year for your investment: 1. Gross income 2. Operating expenses 3. Net Operating Income 4. Financial debt servicing cost 5. Cash flow to the investor. 6. Total return on the apartment complex investment with no financing 7. Total return of the apartment complex investment with financing