Exercise 21-2 Marin Company leases an automobile with a fair value of $12,791 from Jehn Simon Motors, Inc., on the following terms 1 Noncancelable term of 50 months ntal of $290 per month (at end of each month. (The present vne at 1% per month is Sup67) 3. Estimated residual value after 50 months is $1,080. (The present value at 1 % per month is 1657 ) Marin Company guarantees the residua, value o, stoso. 4. Estimated economic life of the automobile is 60 months 5. Marin Company's incremental borrowing rate is 12% a year (1% . menen). Simon's implien rate is unknown. What is the present value of the minimum lease payments? The present value of the minimum lease payments