You want to lease a set of golf clubs from pings ltd the, Finance Basics

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You want to lease a set of golf clubs from pings ltd the

You want to lease a set of golf clubs from Pings Ltd. The lease contract is in the form of 36 equal monthly payments at a stated annual interest rate of 9.2 percent, compounded monthly. Since the clubs cost $2,300 retail, Pings wants the PV of the lease payments to equal $2,300.

Suppose that your first payment is due immediately. What will your monthly lease payments be? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

Lease payment

$

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