Fargo North is considering the purchase of some new equipment costing $66,000. This equipment has a 2-year life after which time it will be worthless. The firm uses straight-line depreciation and borrows funds at a 8 percent rate of interest. The company's tax rate is 34 percent. The firm also has the option of leasing the equipment. What is the amount of the break-even lease payment?
$23,416
$34,233
$36,994
$30,212
$40,412