The Net Operating Income (NOI) of a residential property is $40,000. There is a $5,000 tenant improvement expenditures paid by the landlord. Besides, there is a $200,000 interest-only loan at 8 percent' annual 'interest; total depreciable expense is $4,320. The owner's tax bracket is 33 percent.

i) What is the before-tax cash flow on property (PBTCF) if there is no reversion item this period? (2 Marks) ~

ii) What is the before-tax cash flow to the equity investor (EBTCF) if there is no reversion item this period? (2 Marks)

iii) What is the after-tax cash flow to the equity investor if there is no reversion item this period? (5 Marks)

Please provide step-by-step working, thank you.