Suppose that National Waferonics has before it a proposal for a four$-$year financial lease.

Year $0$ Year $1$ Year $2$ Year $3$

Lease cash flow $+$$$59,800$$$27,400$$$22,800$$$18,200$

These flows reflect the cost of the machine, depreciation tax shields, and the after$-$tax lease payments. Ignore salvage value. Assume the firm could borrow at $12\%$ and faces a $21\%$ marginal tax rate.

a$.$ What is the value of the equivalent loan?

Note: A negative answer should be indicated by a minus sign. Round your answer to $2$ decimal places.

b$.$ What is the value of the lease?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

c$-1.$ Suppose the machine$$s NPV under normal financing is $$$$4,400.$ Should National Waferonics invest?

c$-2.$ Should it sign the lease?