Coronado Corporation entered into an agreement to lease out a piece of equipment to a customer. The details of the lease are as follows:

		Equipment cost of $116,200
		Lease term of 8 years
		Guaranteed residual value of $9,600
		Annual payments on the lease would be due at the beginning of each year.

Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. In order to earn a 4% return, what minimum lease payments should Coronado charge its customer for this equipment lease? Assume Coronado follow ASPE. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)

Minimum Lease Payment