Marin Company leases an automobile with a fair value of $11,693 from Robert Motors, Inc., on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $230 per month (at the beginning of each month). (The present value at 0.5% per month is $10.204. ) 3. Marin guarantees a residual value of $1,600 (the present value at 0.5% per month is $1,247 ). Marin expects the probable residual value to be $1,600 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Marin's incremental borrowing rate is 6% a year (0.50% a month). Robert's implicit rate is unknown. Suppose that instead of $1,600, Marin expects the residual value to be only $500 (the guaranteed amount is still $1,600 ). How does the calculation of the present value of the lease payments change from part (b)? (Round answer to 0 decimal places, eg. 5,275.) PV of lease payments