The purchase price of a loader including the tires, sales tax, and all other costs associated with its purchase is $150,000. The life of the loader is seven years, at which time it will have an estimated salvage value of $19,000. The interest rate is 8.0%. The company adds to the interest rate 1.25% for property taxes, 1.75% for insurance, and 1.5% for storage. Using 1,400 billable hours per year, determine the hourly ownership cost of the loader?