A lease involves payments of $2,000 per month for two years. The payments are made at the

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A lease involves payments of $2,000 per month for two years. The payments are made at the end of each month. The lease also involves a guaranteed residual value of $20,000 to be paid at the end of the 2-year period. The appropriate interest rate is 12% compounded monthly. Compute the present value of the minimum payments.
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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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