Richard leased equipment worth $35,000 for 9 years and will own it outright at the end of the lease with no further payment. Calculate the size of the monthly lease payments if the lease rate is 6.53% compounded monthly. Note: Lease payments are made at the beginning of each month. yummy paid off a mortgage by paying $700 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 4.20% compounded semi-annually