Use the following information to answer the questions below. You will need Excel or a calculator You will want to follow the example in the book in Chapter 16 After-Tax Cash Flow (pgs. 308-311). To solve for the Interest Expense for year 1. I recommend using the CUMIPMT (Cumulative Interest) function in Excel using 1 as the Start and 12 as the End. The April-fairy apartment community was purchased by your client for $6,500,000 with a $1,500,000 down payment and a 30-year $5,000,000 mortgage with a 4.5% rate (assume monthly payments). No points or fees were charged. Effective gross income (EGI) is expected to be $900,000 in Year 1. Operating expenses are expected to be $250,000 in Year 1. This property has 20% of value allocated to land and 80% to improvements. The owner is in a 30% income tax bracket To get full credit, you will need to select ALL of the correct responses for what the NOI, Before Tax Cash Flow, Taxable income, Income Tax, and After Tax Cash Flow are for Year 1. NOI: $650,000 NOI: $651,000 NOI: $650,100 BTCE: $345.989 BTCF: $346,989 BTCF: $346,089 Taxable income: $237559 Taxable income: $238,559 Taxable income: $235,059 Income Tax: $71,268 Income Tax: $72.268 Income Taxe $71,368 ATCF: $274,721 ATCF: $275,721 ATCF: 5274,821