accounting-Determine the amount of lease payment that the lessor would require

QUESTION

Given:Fair value of leased asset=600000Useful life=10 yearslease term=7yearsPayment frequency=annualPayment timing=beginning of yearresidual value(unguaranteed)=35000interest rate implicit in the lease=6%Lessee’s incremental borrowing rate=5%ASK:Determine the amount of lease payment that the lessor would require to lease the asset.I have figured out that the present value of ungauranteed residual value is 23277.I don’t understand how to get the number of years at implicit rate 6%? Why is it 5.9173? And how is the annual payments required by lessor $97463? How exactly do i get that number by using a financial calculator?

ANSWER:

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