The Gadomski School of Engineering at Christian Brothers University is exploring the possibility of purchasing a van to transport their students to conferences and regional competitions. The cost of the van that they have decided to purchase is $$65,000.$

AutoMart has offered financing at an interest rate of $8\%$ per year over a total of five years. The financing arrangement requires a down payment now of $15\%$ of the initial cost. Compute the cost per year to finance the van over the five$-$year loan. CBU believes that they will keep the van for a total of twelve years. CBU will sell the van for $$12,000$ after twelve years of use. The operating and maintenance cost of the van is expected to be $$800$ in its first year of use. The operating and maintenance is expected to increase by $$100$ per year beginning in the second year of use and beyond until the van is sold. If CBU uses a Minimum Attractive Rate of Return $($MARR$)$ of $6\%$ per year, what is the equivalent annual cost to the nearest cent per year over the twelve$-$year life of the van? Include a cash flow diagram with your solution.