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I need help solving (b) The present value of the minimum lease payments

Exercise 21-2 (Part Level Submission) Buffalo Company leases an automobile with a fair value of $15,497 from John Simon Motors, Inc., on the following terms: Noncancelable term of 50 months. Rental of $350 per month (at end of each month). (The present value at 1% per month is $13,719.) Estimated residual value after 50 months is $1,140. (The present value at 1% per month is $693.) Buffalo Company guarantees the residual value of $ Estimated economic life of the automobile is 60 months. Buffalo Company's incremental borrowing rate is 12% a year (1% a month). Simon's implicit rate is unknown. 1, 140. What is the present value of the minimum lease payments? e present value of the minimum lease payments Click if you would like to Show Work for this question: Open Show Work