Given the following information regarding an income producing property financed with7)a 30-year, 8% mortgage loan with monthly payment and loan-to-value (LTV) ratio of75%, determine the annual debt service: expected holding period: five years; 1st yearexpected NOI: $89,100; 2nd year expected NOI: $91,773; 3rd year expected NOI:$94,526; 4th year expected NOI: $97,362; 5th year expected NOI: $100,283; currentmarket value: $885,000; net sale proceeds of property at end of year 5: $974,700(assuming no up-front financing costs)