Manning Imports
Manning Imports is contemplating an agreement to lease equipment to a customer for two years. Manning normally sells the asset for a cash price of $160,000. Assuming that 10% is a reasonable rate of interest. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
What must be the amount of quarterly lease payments (beginning at the beginning of the lease) in order for Manning to recover its normal selling price as well as be compensated for financing the asset over the lease term?
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