You are considering the purchase of an apartment complex. 0 Purchase price: $775,000 0 BTCF: NOI $103,085 $108,361 $113,875 $119,636 $125,651 0...

a) Calculate the NPV of this project assuming that you do not take any mortgages

b) You take a $620,000 mortgage. Your annual debt payment is $54,593. The outstanding loan balance at the end of year 4 is $596,558. Calculate the NPV of this project