A contract requires lease payments of $800 at the beginning of every month for 8 years. a. What is the present value of the contract if the lease rate is 3.75% compounded annually? Round to the nearest cent b. What is the present value of the contract if the lease rate is 3.75% compounded monthly? Round to the nearest cent 2 Kelsey secured a 3-year car lease at 5.60% compounded annually that required him to make payments of $884.31 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $1,750. Round to the nearest cent