ROI with 25% down Calculation Question

[Samantha M.]

In the above image how is the ROI with 25% down being calculated to come to the answer of 16%? If someone would show some brief steps as to how they are arriving at this figure it would be greatly appreciated.

Since this is a leveraged calculation I assume this is a using a hard money loan. If that is the case what all is included with the 25% down payment? Extra closing costs, repairs, and some of the purchase price? Is it even calculating in the refinance cost to get out of the hard money loan?