单项选择题:
An investor wants to purchase a small office building and gets the following information:
Gross potential rental ine $250000
Estimated vacancy and collection loss rate 5%
Insurance $10000
Taxes $8000
Utilities $7000
Maintenance $15000 Assume the investor purchases the building for $1850000, putting down 20% cash and financing the remainder with a long-term mortgage at a rate of 10%. The annual payments on the mortgage are $156997, and the interest portion is fully deductible for ine tax purposes. The investor's marginal ine tax rate is 28%. Depreciation per year, using the straight-line method, is estimated to be $45000 per year. The after-tax cash flow for the first year is closest to:（）
A. $197500 B. $3924,3 C. $38991
网友回答
答案：B
解析: 经营性的净利润(NOI)=$250000-$250000×5%-$10000-$8000-$7000$15000=$197500； 净收益(net ine)=(NOI-interest expense-depreciation)×(1-tax rate)=($197500-$1850000×0.8×0.10-$45000)×(1-0.28)=$3240； 第一年的税后现金流=netine+depreciation-(annualpayments-interestexpense)=$3240+$45000-($156997-$1850000×0.8×0.10)=$39243。