问题如下：
9. Assuming an appraised value of $48,000,000, Richmond Life Insurance Company’s maximum loan amount on Property #1 would be closest to:
选项：
A. $32,000,000.
B. $36,000,000.
C. $45,000,000.
解释：
The maximum amount of debt that an investor can obtain on commercial real estate is usually limited by either the ratio of the loan to the appraised value of the property (loan to value or LTV) or the debt service coverage ratio (DSCR) depending on which measure results in the lowest loan amount. The maximum LTV is 75% of the appraised value of $48,000,000 or $36,000,000. The loan amount based on the minimum DSCR would be $32,183,652 determined as follows:
Maximum debt service = Year 1 NOI/DSCR = $2,775,840/1.5 = $1,850,560
Loan amount (interest only loan) = maximum debt service/mortgage rate = $1,850,560/0.0575 = $32,183,652 (rounded to $32,000,000).
DSCR=NOI1/debt service 请问分母的debt service具体是什么？按照本题是多少？
