Central Personnels accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for

Question:

Central Personnel’s accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for the lease of office furniture. She used the firm’s 10.5% monthly compounded cost of borrowing as the discount rate. If the lease payment at the beginning of each month is $295, what is the term of the lease?

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