1.Nantucket Boat Works can either purchase a piece of equipment at a cost of $147,000 or lease the equipment for $33,500 a year for 6 years. If the firm buys the equipment, it will have a 6-year life, straight-line deprecation over the asset's life, and zero salvage value at the end of 6 years. The firm can borrow money for the equipment purchase at an interest rate of 8.75 percent. The firm's tax rate is 36 percent. What is the aftertax lease payment in year 3 of the lease?

2.Wolfson Corporation has decided to purchase anew machine that costs $2.8 million. The machine will be depreciated on a straight-line basis and will be worthless after four years. The corporate tax rate is 35%. The Sur Bank has offered Wolfson a four-year loan for $2.8 million. The repayment schedule is four yearly principal repayments of $700,000 and an interest charge of 9% on the outstanding balance of the loan at the beginning of each year. Both principal repayments and interest are due at the end of each year. Cal Leasing Corporation offers to lease the same machine to Wolfson. Lease payments of $810,000 per year are due at the beginning of each of the four years of the lease. Calculate NAL. Should Wolfson lease the machine or buy it with bank financing?

3.The Cookie Company recently purchased some new equipment at a cost of $225,000. The estimated life of this equipment is 5 years. The firm uses straight-line depreciation over the life of the asset. The firm's required rate of return on fixed asset purchases such as this is 12 percent and the tax rate is 34 percent. What is the amount of the annual depreciation tax shield?

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