formlab leases specialized equipment for the healthcare industry. one of it machines has the following characteristics: -formlabs purchase price =150,000(no other costs associated with this asset) _ lease term , 5 years beginning October 1, 2019, when the machine is delivered. the first payment is due on October 1, 2019. _ lease payments monthly on the first of every month, beginning October 1, 2019. _ at end lease, lease will purchase the machine for $1.00. _ formlabs expected return on leased assets ( an annual rate) =9.0%.

Required: calculate the monthly lease amount that formlab should charge for this machine. provide your answer and a brief description of how you calculated it.