The lessor is computing the appropriate monthly lease, Accounting Basics

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The lessor is computing the appropriate monthly lease

Problem

The lessor is computing the appropriate monthly lease payment. The fair value of the leased asset is $75,000. The guaranteed residual value at the end of the lease term is $12,000. The appropriate interest rate is 12% compounded monthly. The lease term is 36 months and the lease payments occur at the end of each month. What is appropriate amount of the monthly payment?

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Accounting Basics: The lessor is computing the appropriate monthly lease

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