You are a successful investor, in the 40% tax bracket. You buy a warehouse on a fully developed piece of land for a total purchase price of $4,875,000. You borrow at 3% per year, over 20 years, with monthly payments, to buy this non-residential property. You paid 40% down, borrowing the balance. You bought it at a cap rate of 5%. What will be your cash flow after tax, to the nearest $000, on this investment, in the first year?

Group of answer choices

a. 57,000

b. 49,000

c. 26,000

d. 23,000