Cost of Borrowing: Tax Oriented Lease Comey Products has decided to acquire some new equipment having a $280,000 purchase price. The equipment wil last 4 years and is in the MACR5 3-year class. (The depreciation rates for Year 1 through Year 4 are equal to 0.3333,0.4445,0.1481, and 0.0741 .) The firm can borrow at a 9% rate and pays a 25% federal-plus-state tax rate, Comey is considering leasing the property but wishes to know the cost of torrowing that it should use when comparing purchasing to leasing and has hired you to answer this question. What is the correct answer to Comer's question? (Hint: Use the shortcut method to find the after-tax cost of the loan payments.) Do not round intermediate calculations, Hound your answer to the nearest dollac