Crane Limited is leasing a used Caterpillar excavator to Town Construction Ltd. The term of the lease is 8 years and the excavator will be owned by Town at the end of the lease if Town makes an additional payment to Crane of $41,000. The excavator cost Crane $515,000. Crane wants to charge a rate of 8% on the lease. What will be the amount of the annual lease payments if the payments are made at the end of each of the next 8 years? Of the variables listed in the dropdown, choose the variable being calculated? eTextbook and Media Fill in the remaining variables in the table that follows. Variable Present value Future value Financial Calculator or Tables Excel PV PV $ FV FV Interest rate Rate %6 Amount of annuity payment PMT PMT Number of periods N Nper eTextbook and Media Calculate the annual lease payments if the payments are made at the end of each of the next 8 years? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, eg. 5,275.25.) 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. Annual lease payments $