The NOI is $40,000; there are $5,000 in tenant improvement expenditures paid for by the landlord; there is a $200,000 interest-only loan at 8 percent annual interest; the depreciable cost basis of this residential property is $300,000; the owner's tax bracket is 35 percent. What is the Equity After-Tax Cash Flow (EATCF)?

Question options:

	$14,680
	$27,800
	$14,420
	$35,000