Natick Industries leased high$-$tech instruments from Framingham Leasing on January $1,2024.$ Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $$45,000$ penalty after two years if it fails to renew the lease. Framingham Leasing purchased the equipment from Waltham Machines at a cost of $$250,177.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[$Lease term,$2,$years $(8$ quarterly periods$)],[$Lease renewal option for an additional,$3,$years $(12$ quarterly periods$)],[$Quarterly lease payments,$$15,000,\backslash$table$[[$at January $1,2024,$ and at March $31,$ June $30,$ September $30,$ and$],[$December $31$ thereafter$]]],[\backslash$table$[[$Economic life of asset$],[$Interest rate charged by the lessor$]],\backslash$table$[[5],[8\%$