Ballentine Inc., which has a zero tax rate due to tax loss carry-forwards, is considering a 6-year, $5,200,000 bank loan to buy a new piece of equipment. The loan will be amortized over 6 years with end-of-year payments and has an interest rate of 8.5%. Alternatively, Ballentine can also lease the equipment for an end-of-year payment of $1,220,000. By how much does the lease payment exceed the loan payment? Do not round your intermediate calculations.