What is the maximum amount that can be loaned on a property whose net operating income (NOI) is $500,000 per year , suppose the underwriting criteria is a maximum loan/value ratio (LTV) of 75%, and we estimate property value by direct capitalization using a rate of 11% on the stated NOI. By this criterion what is the maximum loan amount?

Question options:

	$2,789,406
	$3,409,091
	$3,844,614
	$4,000,000
	$4,139,619