I need help with "c." Please show work so I know how you got the answer, thanks!

2) Arnold Benedict is thinking of buying an apartment complex that is offered for sale by the firm of Getabinder and Flee. The price, $2.25 million, equals the propertys market value. The following statement of income and expense is presented for Benedicts consideration:

The Sated Satyr Apartments Prior Years Operating ResultsPresented by Getabinder and Flee, Brokers

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30 Units, All Two-Bedroom Apartments, $975 per Month $351,000

Washer and Dryer Rentals 10,000

Gross Annual Income $361,000

Less Operating Expenses:

Managers Salary $10,000

Maintenance Staff (one person, part time) 7,800

Seedy Landscapers 1,300

Property Taxes 13,000 $32,600

Net Operating Income $328,400

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By checking the electric meters during an inspection tour of the property, Benedict determines the occupancy rate to be about 80 percent. He learns, by talking to tenants, that most have been offered inducements such as a months free rent or special decorating allowances. A check with competing apartment houses reveals that similar apartment units rent for about $895 per month and that vacancies average about 7 percent. Moreover, these other apartments have pools and recreation areas that make their units worth about $35 per month more than those of the Sated Satyr, which has neither.

The tax assessor states that the apartments were reassessed 12 months ago, and that current taxes are $76,374.

Benedict learns that the resident manager at Sated Satyr, in addition to a $10,000 salary, gets a free apartment for her services. He also discovers other expenses: insurance will cost $6.50 per $1,000 of coverage, based on estimated replacement cost of about $1.8 million; workers compensation ($140 per annum) must be paid to the state; utilities, incurred to light hallways and other common areas, cost about $95 per month for similar properties; supplies and miscellaneous expenses typically run about .25 percent of effective gross rent. Professional property management fees in the market area typically are about 5 percent of effective gross income.

Based on this information that Benedict obtained and assuming typically competent, professional management, Benedict arrived at the following reconstructed operating statement as shown below:

The Sated Satyr ApartmentsReconstructed Operating Statement

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Potential Gross Rent (30 Units, at $860 per month) $309,600

Less: Allowance for Vacancies (7 percent) 21,672

Plus: Other Income (Laundry and vending Machines) 7,500

Effective Gross Income $295,428

Less: Operating Expenses:

Management Fee (5% of effective gross income) $14,771

Resident Manager (Salary Plus Free Rent) 20,320

Utilities 1,140

Property Insurance 11,700

Workers' Compensation Insurance 140

Supplies and Miscellaneous (.0025 X $299,250) 748

Landscaping and Grounds Maintenance 3,300

Maintenance and Repairs 7,800

Property Tax 76,374 136,293

Net Operating Income (Annual) $159,135

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Based on the reconstructed net operating income and the current market value, determine the capitalization rate. = (Net Operating Income/Market Value of Property) x 100% = (159135/2250000) x 100% = 7.07%

c. Develop a 5-year amortization schedule for Sated Satyr Apartments assuming that Benedict can obtain a $1,500,000 loan with terms of interest at 8.5 percent per annum and level annual payments to amortize the loan over 20 years.There are no points or loan amortization fees anticipated.