3.

Manning Imports is contemplating an agreement to lease equipment to a customer for four years. Manning normally sells the asset for a cash price of $280,000. Assuming that 12% is a reasonable rate of interest (FV of $1, PV of $1. EVA of $1, PVA of $1, FVAD of $1 a PVAD of $1) (Use appropriate factor(s) from the tables provided.) What must be the amount of quarterly lease payments (beginning at the beginning of the lease) in order for Manning to recover its normal selling price as well as be compensated for financing the asset over the lease term? (Round your answers to nearest whole number and round percentage answer to 1 decimal place.) PV factors based on Table or Calculator function: AD of $1 PV of Lease 16 Lease Payment