On September 1, 2024, a company decides to lease office space in a building. The buildings owner offers the company the following options, with the first monthly payment beginning September 30, 2024:

1. Sign a two-year lease with monthly payments of $6,400. 2. Sign a three-year lease with monthly payments of $6,150. 3. Sign a four-year lease with monthly payments of $5,900.

Required: 1. For each option, calculate the present value of the lease payments using an interest rate of 6%. (Hint: Use a financial calculator or Excel.) 2. Record each lease on September 1, 2024. 3. For which option is the lease payable recorded for the highest amount?