(Calculating lease payments) Apple Leasing, Inc., calculates its lease payments such that they provide the firm with a 12 percent pre-tax return. The firm has been asked to quote rental payments on a $100,000 piece of equipment which is to include 10 payments spread over the next nine years (the first payment is made immediately upon signing of the agreement with the remaining payments coming at the end of each of the next nine years). What amount should Apple quote on the lease?