Consider a lessor who is leasing an asset that costs $$500,000$ today. The term of the lease is three years and payments are to be made on a monthly basis. Assume that the lessor needs to charge $5$ percent interest to cover the cost of funds and to make a profit and that the fair market value of the asset is $60$ percent of the original cost at the conclusion of the lease term.

Required

a$.$ Determine the monthly lease payment.