Problem $5(15$ Points$)$ Assume that you are going to purchase a piece of equipment at a cost of $\backslash (\backslash$$ $300,000\backslash ),$ with no down payment $($you will borrow the entire cost$).$ The delivery and setup for the equipment will cost $\backslash (\backslash$$ $150,000\backslash ),$ which you will pay for at the beginning of the project $($cash cost$,$ not financing$).$ The equipment will be purchased using a loan, at $\backslash (6\backslash \%\backslash )$ APR, with monthly compounding and equal monthly payments, on a seven$-$year schedule. In addition to the monthly payment, other monthly expenses for your equipment will equal $\backslash (\backslash$$ $3,500\backslash ).$ The equipment will increase revenues by $\backslash (\backslash$$ $13,000\backslash )$ per month in gross $($before expenses$)$ revenue, and you will sell it for salvage after the seven years are over, for $\backslash$$$75,000.$ a$.$ Calculate the loan payment. b$.$ Using $\backslash (\backslash$mathrm$\{$MARR$\}=1\mathrm{.}25\backslash \%\backslash )$ per month, with monthly compounding, calculate the present value of owning the equipment for seven years.