The total budgeted amount of leasing will be - $7,520
Leasing cost of scanner per quarter = $ 1,700
Leasing cost of scanner annually = $ 1,700 * 4 = $ 6,800
Leasing monthly cost of three copy machine = $ 60 *3 = $180
leasing cost of three copy machine annually = $ 2,160
Annual budget= $ 6,800 + $ 2,160 = 8,960
Leasing is a type of financing in which you rent rather than buy equipment. You can lease expensive business equipment such as machinery, vehicles, or computers. The equipment is leased for a set period of time; after that, you can return it, renew the lease, or purchase it.
Equipment leasing differs from equipment financing, which involves taking out a business loan to purchase the equipment and repaying it over a set period of time using the equipment as collateral. In that case, once the loan is paid off, you will own the equipment.
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