Arlington Co. leased a truck for a period of 5 years, which is the economic life of the asset. (The truck can be used after five years, but due to changes in technology and maintenance issues, it is no longer a useful asset.)

Terms of the lease include:

-- Five year lease beginning January 1, 2022.

-- Interest rate used by lessor and lessee = 6%

-- Payments due at the beginning of each month, beginning January 1, 2021.

-- At end of lease, the truck is returned to the lessor, there is no residual value at that time.

-- The fair value of the truck at the beginning of the lease is $170,000.

Required:

Calculate the monthly lease payment to the nearest whole dollar. Put your answer in the space provided below. Show your work on the spreadsheet, the answer along is insufficient for points.