The results of a sale$-$leaseback analysis indicate that the internal rate of return of the after$-$tax differential cash flows between the hold$-$and$-$do$-$nothing option and the sale$-$leaseback option is $6\mathrm{.}23$ percent. The owner could continue to own the property for ten more years and refinance it based on the following assumptions: a loan$-$to$-$value of $75$ percent of the market value of $$5,000,000,$ an interest rate of $7$ percent, an amortization period of $25$ years, a ten$-$year term, $12$ payments per year, a loan cost of $2\mathrm{.}5$ percent of the loan amount, and a corporate tax rate of $21$ percent.Which is the better alternative for the user as far as the after$-$tax cost of funds is concerned?