You are considering the purchase of a retail property for $500,000 (including purchase costs) as a 3-year investment. The annual gross income in Year 1 is $50,500 and operating expenses in the same year amounts to $8,000. "Gear it UP" Bank has offered your firm finance at 5.5% nominal per annum interest only for three years. Interest is compounded monthly, but payments are made annually at the end of each year, up to either an 80% Loan-to-Value ratio or a 15 Debt Coverage Ratio (based on before-tax income in year 1), whichever is the smaller loan. Determine how much you can borrow from "Gear it UP" Bank by using your calculations of the Loan-to-value ratio loan and the Debt Coverage Ratio Loan. (Must include workings and express as whole number)