An investment of $250,000 is made in equipment that qualifies as MACRS-GDS 3-year property. The equipment generates a net savings of $80,000 per year, and has a $100,000 salvage value at the end of the 5-year planning horizon. A loan is taken for 80% of the investment capital at an annual compound interest rate of 18% and the loan is repaid over a 5-year period. A 25% tax rate and an after-tax MARR of 8% apply. Determine the present worth of the after-tax cash flow using the loan plan that pays the accumulated interest at the end of each interest period and pays the principal at the end of the loan period.

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