Sandhill Corp., which uses ASPE, leases a car to Jaimme DeLory on June 1, 2023. The term of the non-cancellable lease is 48 months. The following information is provided about the lease: 1. The lessee is given an option to purchase the automobile at the end of the lease term for $6,100. 2. The automobile's fair value on June 1, 2023, is $30,300. It is carried in Sandhill's inventory at $20,900. 3. The car has an economic life of seven years, with a $1,400 residual value at the end of that time. The car's estimated fair value is $10,300 after four years, $7,800 after five years, and $2,300 after six years. 4. Sandhill wants to earn a 12% rate of return ( 1% per month) on any financing transactions. 5. Jaimme represents a reasonable credit risk and no future costs are anticipated in relation to this lease. 6. The lease agreement calls for a $1,500 down payment on June 1,2023 , and 48 equal monthly payments on the first of each month, beginning June 1, 2023. Determine the amount of the monthly lease payment using (1) PV tables, (2) a financial calculator, or (3) Excel functions. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 2 decimal places, e.g. 52.75.)