Business Math

3 5 6. A contract requires lease payments of $800 at the beginning of every month for 4 years. a. What is the present value of the contract if the lease rate is 6.75% compounded annually? Round to the nearest cent b. What is the present value of the contract if the lease rate is 6.75% compounded daily? Round to the nearest cent 7. Mitchell leased equipment worth $70,000 for 10 years. If the cost of borrowing is 4.57% compounded quarterly, calculate the size of the lease payment that is required to be made at the beginning of each quarter. Round to the nearest cent 8. The value of a 6 year lease that requires payments of $800 made at the beginning of every month is $55,500. What is the nominal interest rate compounded monthly? Round to two decimal places