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 apartment property is $300,000 (held the entire year); the owner's tax bracket is 33 percent. What is the after-tax cash flow (ATCF) to the equity? a. $14,680 b. $27,800 c. $30,680 d. $35,000