What is the cash-on-cash for a property with a purchase price of $800,000 plus acquisition costs of $65,000 with 80% of purchase price financing with monthly payments at 7% interest and a 30-year amortization period? The first year forecast of NOI is $68,000.

1 7.51%

2. 8.50%

3. 10.57%

4. 9.43%