Cost of Borrowingt rax Oriented Lease Cochey Products has decided to acquire some new equipment having a $260,000 purchase price, The equigment will last 4 years and is in the Macrs 3 -year elass. (The 6epreciatian ration for Year 1 through Year 4 are equal to 0.3333,0.4445,0.1481, and 0.0741. .) The firm can borrow at a 6% rate and pays a 25% federal plus state tax ate. Comer is condidenng leaning the property but wishes to know the cost of borrowing that it should use when comparing purchasing to leasing and has hired you to answor this question. What is the correct ansher to Comer's question? (Hint: Use the shortcut method to find the after-tax cost of the loan payments.) Do not round intermediate calculations. lionind reur answer to the nearest dollat