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6 Taylor's tractor-traller rigs sell for $160,000. A customer wishes to buy a rig on a lease purchase plan over six years with the first
6 Taylor's tractor-traller rigs sell for $160,000. A customer wishes to buy a rig on a lease purchase plan over six years with the first payment to be made at the inception of the lease. Interest is at 12% (FV of S1. P of $1. FVA of SI. PVA 51. FVADO! 51 and PVADOS $1) (Use appropriate factor(s) from the tables provided) Required: a. Compute the amount of the annual lease payment and the gross amount (total payments) due under the lease. (Use rounded Annual lease payment to compute Gross amount.) b. Compute the amount of interest income earned by Taylor's for the first year of the lease. 003754 Annual lease payment Gross amount b. Interest income
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