Suppose that you are considering an investment in an apartment building. Use the information provided below to answer the questions that follow:

Type of Property: Apartment building

Number of Units: 30

Average Rent (Year 1): $1,500 per unit per month

Annual Growth in Average Rent: 5%

Vacancy and Collection Losses: 5% of Potential Gross Income

Other Income (Year 1): $50 per unit per month

Annual Growth in Other Income: 3%

Operating Expenses: 35% of Effective Gross Income

Capital Expenditures: 4% of Effective Gross Income

Selling Expenses: 5% of Future Selling Price

Going-Out Cap Rate: 6.5%

Expected Purchase Price: $5.25 million

Loan Terms: Loan Amount: 85% of Purchase Price

Interest Rate: 4.5% per year with monthly payments and monthly compounding

Amortization Term: 30 years

NOI In Year One: 323,910

What is the monthly payment (Round your answer to two decimal places)?

What is the annual debt service in year 1 (Round your answer to two decimal places) ?

What is the Before-Tax Cash Flow(BTCF) in year 1 (Round your answer to two decimal places) ?