CPP Motors is having a tough time selling cars because local banks are tightening up credit

standards. So$,$ CPP Motors decides to provide financing to customers through leasing

agreements. The managers of the leasing program has a nice used Lexus $($fair value $=$

$$25,000)$ to offer via lease. The manager asks you the following questions.

a$.$ If I lease this car for $6$ years, what should the annual lease payment be at the end of

each year? I need to make $12\%$ per year on the financing, and I don't believe that the

car will be worth anything when I get it back in $6$ years. Also, let me know what the

payments should be if I require the first payment up front instead of at the end of each

year. Use EXCEL, please show your equation