Floopy Co has decided to purchase new equipment. They are in the $38\%$ tax bracket.

The desired equipment costs $$77,000$ and it can be financed entirely with a $12\%$ loan which requires annual end$-$of$-$year payments of $$32,059$ for $3$ years. The firm will depreciate the quipment under MACRS using a $3-$year recovery period $($depreciation is $33\%$ in year $1,45\%$ in year $2$ and $15\%$ in year $3).$ The firm will pay $$2,000$ per year for a maintenance contract.

Calculate the present value of the cash outflows for the purchase alternative.