The next year's annual lease payment is $129,240. The term “Lease Payment” is analogous to the rental payment. It refers to the payment created between the owner and renter, per the contract.
A Lease payment refers to the amount that's adequate for the monthly rent prearranged in an exceedingly contract by 2 parties.
Step 1: Verify next year's regular payment.
Since next year, the sales regular payment can have increased by seven-membered, we can verify next year's annual sales as shown:
F=P(1+R)
where;
Next year regular payment
This year's regular payment
R=salary increase rate
In our case;
F=unknown, to be determined
P=190,000 per month
P=(190,000×12)=$2,280,000 annually
R=5%=5/100=0.05
replacing;
F=2,280,000(1+0.05)=$2,394,000
Step 2: Verify next year's rent.
Next years rent=0.05×2,394,000=$119,700
Step 3: Verify insurance, maintenance, utilities and total annual taxes.
Total=annual insurance payments+annual maintenance payments+annual utilities payments+annual taxes
Total=(300×12)+(75×12)+(300×12)+(120×12)=$9,540
Step 4: Verify next year's annual lease payments.
Next year's annual lease payments=next year's rent payment+ insurance+maintenance+utilities+annual taxes
where;
Next year's rent payment=$119,700
Insurance+maintenance+utilities+annual taxes=$9,540
replacing;
Next years annual lease payments=(119,700+9,540)=$129,240
Next year's annual lease payments=$129,24
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