- 4 7 )

+ G) Fit to page Page view Chapter 1 2 Financial Leverage and FinancingAlternatives ATIRRE (%) Loan to Value 3 EXHIBIT 12-8 Effect of Interest Rates on the After- Tax IRR on Equity EXHIBIT 12-9 After-Tax IRR versus Interest Rates Interest Rate (%) 10.00 10.50 1 1.00 11.50 12.00 12.50 1 3.00 1 3.50 14.00 14.50 15.00 15.50 16.00 14 12 10.83 10.36 9.89 9.41 8.92 8.44 7.95 7.45 6.95 6.45 5.95 5.44 4.92 11.86 11.16 10.45 9.73 9.01 8.27 7.53 6.79 6.03 5.27 4.50 3.73 2.94 800/0 13.73 12.61 11.48 10.32 9,16 7.98 6.78 5.57 4.34 3.10 1.85 0.58 0.70