This is an extension of the problem #26. The problem again states as follows: A property is purchased for $2 million. Financing is obtained at a 70% loan-to-value ratio, with total annual principal and interest payments of $119,780. The property produces an NOI of $171,000. Of the $119,780 annual payment noted above, $98,680 was applied towards the interest and the remaining $23,100 was principal. Annual depreciation claimed against the property is $48,100. What is the taxable operating income? $107,576 $99,800 O $1,280,000 $24,220 $1,109.220