单选题 An investor purchases an office building for $2500000. He puts 10 percent down and finances the remainder at a 9 percent rate of interest. Calculate the first year's after-tax cash flow for the investment using the following information

A、 NOI
B、 $ 243000
C、 Depreciation
D、 $ 25000
E、 Annual mortgage payment
F、 $ 218000
G、 Marginal income tax rate
H、 28%

【正确答案】 C

【答案解析】The first year's interest payment is the amount borrowed ($ 2250000) times the rate of interest (9%), which equals $ 202500. After-tax net income, which is NOI minus depreciation minus interest, net of taxes, is ($243000-$25000-$202500)×(1-0.28)=$11160. After-tax cash flow is after-tax net income, plus depreciation and minus the principal component of the mortgage payment ($ 218000-$ 202500): $11160+$ 25000-$15500=$ 20660.