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What is the annual incremental debt interest rate where a property has a senior loan of $3,000,000 at a 4% interest rate, a 2 nd

What is the annual incremental debt interest rate where a property has a senior loan of $3,000,000 at a 4% interest rate, a 2nd lien of $500,000 at a 8% interest rate and an equity investment of $1,000,000 requiring a cumulative preferred return of 12%? All interest rate calculations are monthly and the loan term is 10 years.

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