Titanic Corporation leased executive limos under terms of a $12,500 first payment upon signing the lease and four equal annual payments of $22,500 on the anniversary date of the lease. The interest rate implicit in the lease is 10%. The first year's interest expense would be: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)