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 $8\mathrm{.}0\%.$ The company adds to the interest rate $1\mathrm{.}25\%$ for

property taxes, $1\mathrm{.}75\%$ for insurance, and $1\mathrm{.}5\%$ for storage. Using $1,400$ billable

hours per year, determine the hourly ownership cost of the loader $(20$ points$).$