You are considering the purchase of a new industrial pump that you will use for three years, and it will cost you $40,000 to buy. It will be depreciated using the 3-year MACRS schedule (0.33, 0.45, 0.15, 0.07 are the factors) and will be sold at the end of the third year for $8,000. It will also require 3,000 each year in maintenance. If your tax rate is 25% and your cost of capital is 10%, what is the equivalent annual payment for this machine?