Wilson Properties just closed a new mortgage loan of $18,000,000 with interest at 5%, 20-year amortization and due in seven years. What it the principal balance of the loan at the end of year seven?

(A) $18,000,000 (B) $13,606,404 (C) $12,094,581 (D) $7,470,892

All of the following are acquisition period costs of investing in distressed properties except?

(A) Renovation, repair, and maintenance costs (B) Market research costs (C) Legal and title costs (D) Property inspection costs