Show any calculations, thanks

Exercise 21-03 (Part Level Submission) Marin Company leases an automobile with a fair value of $11,679 from John Simon Motors, Inc., on the following terms: 1. Non-cancelable term of 50 months. 2. Rental of $230 per month (at the beginning of each month). 3. Marin guarantees a residual value of $1,600. Delaney expects the probable residual value to be $1,600 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Marin's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Suppose that instead of $1,600, Marin expects the residual value to be only $500 (the guaranteed amount is still $1,600). How does the calculation of the present value of the lease payments change from part (b)? (Round answer to 0 decimal places, e.g. 5,275.) PV of lease payments s