Answer:
$307.83918 or $307.84
Explanation:
The computation of the monthly lease payment is shown below:
Given that
stated annual rate = s = 7.2% = 0.072
monthly rate = r = s ÷ 12 = 7.2 ÷ 12 = 0.6% = 0.006
number of equal monthly payments = n = 36
present value of the lease payments = p = $10,000
Based on the above information
let us assume the monthly lease payments be A
Now the following formula to be used
A × PVIFA(n,r) × (1 + r) = p
where,
PVIFA(n,r) is
= [ (1+r) n -1] ÷ ((1 + r)n × r)
= [ (1.006)36 -1] ÷ ((1.006)36 × 0.006)
= 32.29074882
Now
A × 32.29074882 × (1.006) = $10,000
A = $10,000 ÷ (32.29074882 × 1.006)
= $307.83918 or $307.84
