Three independent situations are given. Each describes a finance lease in which annual lease payments are payable at the beginning

of each year. Each lease agreement contains an option that permits the lessee to acquire the leased asset at an option price that is

sufficiently lower than the expected fair value that the exercise of the option appears reasonably certain.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Determine the annual lease payments for each situation:

Note: Round your intermediate and final answers to the nearest whole dollar amount.