Artest Lease leased a car. Artest will receive $300 a month for 60 months. 1. What is

Question:

Artest Lease leased a car. Artest will receive $300 a month for 60 months.
1. What is the present value of the lease if the annual interest rate in the lease in 12%? Use the PV function in Excel to compute the present value.
2. What is the present value of the lease if the car can be sold for $5,000 at the end of five years?