Ivanhoe Corp., which uses ASPE, leases a car to Jaimme DeLory on June 1, 2020. The term of the non-cancellable lease is 48 months. The following information is provided about the lease. 1. The lessee is given an option to purchase the automobile at the end of the lease term for $5,400. 2. The automobiles fair value on June 1, 2020, is $30,100. It is carried in Ivanhoes inventory at $20,600. 3. The car has an economic life of seven years, with a $2,000 residual value at the end of that time. The cars estimated fair value is $10,600 after four years, $7,500 after five years, and $2,400 after six years. 4. Ivanhoe wants to earn a 12% rate of return (1% per month) on any financing transactions. 5. Jaimme DeLory represents a reasonable credit risk and no future costs are anticipated in relation to this lease. 6. The lease agreement calls for a $1,100 down payment on June 1, 2020, and 48 equal monthly payments on the first of each month, beginning June 1, 2020. 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. Collapse question part

(a) Determine the amount of the monthly lease payment