How do you do the following using a calculator only?

To finance some manufacturing tools it needs for the next 4 years, Waldrop Corporation is considering a leasing arrangement. The tools will be obsolete and worthless after 4 years. The firm will depreciate the cost of the tools on a straight-line basis over their 4-year life. It can borrow $4,900,000, the purchase price, at 8% and buy the tools, or it can make 4 equal end-of-year lease payments of $1,600,000 each and lease them. The loan obtained from the bank is a 4-year simple interest loan, with interest paid at the end of the year. The firm's tax rate is 30%. Annual maintenance costs associated with ownership are estimated at $220,000, but this cost would be borne by the lessor if it leases. What is the net advantage to leasing (NAL), in thousands? (Suggestion: Delete 3 zeros from dollars and work in thousands.)