Practice Exercise 3 Pharoah Corporation purchased a piece of equipment for $103,000. Pharoah wanted to lease out the equipment to a customer for 5 years, at the end of which time the customer could purchase the equipment for $4,600 (at a time when its fair value would be $5,520). Annual payments on the lease would be due at the beginning of each year. 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. In order to earn a 8% return, what minimum lease payments should Pharoah charge its customer for this equipment lease? (Round factor values to 5 decimal places, e.g. 1.25124. Round answer to 0 decimal places, e.g. 5,275.) Minimum lease payments $ Question Attempts: 0 of 3 used