9. Gary Becker is purchasing an apartment building for sale at $2.9 million. He expects to finance 75 percent of the purchase price with a mortgage loan at 7% interest with monthly payments for 20 years. The first year operating forecast, which is believed to be reliable, is presented below:

Potential Gross Income	445,000
- Vacancy Ratio	21,500
= Effective Gross Income	423,000
- Operating Expenses	150,000
= Net Operating Income	273,000

Based on the first year forecast and assuming the property is purchased for the asking price, compute the following:

a) Vacancy ratio

b) Operating expense ratio

c) Capitalization ratio

d) Debt coverage ratio

e) Breakeven (default) ratio

f) Equity dividend rate