You are considering the purchase of a small apartment complex The purchase price, including acquisition costs, is $600,000 Gross potential income in the first year is estimated at $75,000 and vacancy and collection losses are estimated to be 10 percent of gross potential Income Operating expenses and capital expenditures are expected to be $16,000 and $1.000, respectively, in year 1. The Investor will obtain a $400,000 loan at 6 percent annual interest with annual payments for 25 years (constant-payment, fully-amortizing), . Additional upfront financing expenses will equal $15,000. Assume that 25 percent of the purchase price is payment for land and that the building will be depreciated over 27% years using straight-line depreciation There is no personal property. Your ordinary and capital gain tax rates are 35 and 15 percent, respectively. Estimate the after-tax cash flow from the first year of operations (rounded to SHundreds). Excel al $16.200 b) $15.500