You are considering purchasing an office building for $9,700,000. You expect the potential gross income (PGI) in the first year to be $850,000; vacancy and collection losses to be 12 percent of PGI; and operating expenses and capital expenditures to be 35 percent of effective gross income (EGI). The annual interest rate on the debt financing will be 4.0 percent. Payment will be made monthly based on a 30-year amortization schedule. If the lender requires DCR to be 1.3 or greater, what is the maximum loan amount (rounded to $100,000s)? Excel a) $6,500,000 b) $7,300,000 c) $7,500,000 d) $8,200,000 e) $9,000,000