Carolina Trucking Company (CTC) is evaluating a potential lease for a truck with a 4-year life with an after-tax cost of $32,000. The truck is eligible for 100% bonus depreciation so it will be fully depreciated at the time of purchase. If the firm borrows and buys the truck, the loan rate would be 12.0%, and the loan would be amortized over the truck's 4-year life. The loan payments would be made at the end of each year. The truck will be used for 4 years, at the end of which it will be sold at an estimated residual value of $12,200. If CTC buys the truck, it would purchase a maintenance contract that costs $2,100 per year, payable at the end of each year. The lease terms, which include maintenance, call for a $10,000 lease payment (4 payments total) at the beginning of each year. CTC's tax rate is 25%. What is the net advantage to leasing (NAL)? Do not round your intermediate calculations.

$6,517

$7,667

$9,200

$7,284

$9,584