The equipment cost is $400,000 and the lessor’s rate is 9%. Assume a five equal annual repayments and a residual of 18% at the end of year five. The…

The equipment cost is $400,000 and the lessor’s rate is 9%. Assume a five equal annual repayments and a residual of 18% at the end of year five. The lessee’s debt rate is 5%. Calculate the lease payments in arrears. (please provide the answer with working process)

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