Muddy Fields Earthmoving can buy a bulldozer for $30,000. If lease payments are $1000 per month for 36 months, what is the IRR for the lease? Lease payments occur at the beginning of each month. If the bulldozer is purchased, then it would have a salvage value of $5000 after 3 years. The operating costs can be ignored, because they are the same for both leasing and buying.