Michael is replacing the carpet in his bedroom.  The new carpet he's chosen costs $12 per square foot, plus $2 per square foot for padding underneath.  His contractor charges $4 per square foot to remove the old carpet, and $34 per square foot to install the new carpet.  His bedroom measures 18 feet by 12 feet.  How much will it cost Michael to replace the carpet?
Please reason step by step, and put your final answer within \boxed{}.
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