12) My usual cost of borrowing is 12%.1 have an option to lease equipment for the next three years for a monthly lease payment of $250. The first payment would be made today. What is the present value of this series of payments. 13) A bond is purchased on January 1, 2013. The bond provides payments of $4,000 on June 30 and December 31 of each year, and a lump sum payment of $100,000 on December 31,2017 . Determine the price that should be paid for the bond if a 10% rate of return is required