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What is the approximate annual lease payment

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Question - The Herbertson Company leases machines to clients. Annual rentals are paid each year, with the first payment due on the day the lease begins. A machine with a book value of $10,000 is leased. Unguaranteed salvage value is $1,500. Lease term is five years. Herbertson's interest rate is 5%. What is the approximate annual lease payment?

a. $2,156.22

b. $2,309.75

c. $2,199.76

d. $2,038.29

e. $1,941.22

Reference no: EM132617055

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