Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years, and the machinery has an estimated economic life of 7 years 2. The fair value of the asset on January 1, 2020, is $238,000. 3. At the end of the lease term, the asset reverts to the lessor and has no residual value. 4. The lease agreement requires monthly rental payments, due at the beginning of each month, beginning on January 1, 2020. 5. The rate of return and the incremental borrowing rate are both 8%

Calculate the amount of the monthly rental payment required. Please show all work and calculations.