Equipment Purchase on Contract Johnson Products has elected to purchase equipment by signing a contract in which it will pay $4,500 at the end of each month for the next 2 years. Johnson Products is a relatively risky company and has been told it will have to pay an annual interest rate of 18 percent on the contract. Johnson Products plans to keep the asset for at least five years and wishes to record the asset at the present value of the cash payments. What amount should Johnson Products record?