Central Personnel's accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for the lease of office furniture. She used the firm's 10.5% monthly compounded cost of borrowing as the discount rate. If the lease payment at the beginning of each month is $295, what is the term of the lease?

Question

Quizplus · Accepted Answer

The Answer of Central Personnel's accountant set up a long-term lease liability of $11,622.73 to recognize a new contract for the lease of office furniture. She used the firm's 10.5% monthly compounded cost of borrowing as the discount rate. If the lease payment at the beginning of each month is $295, what is the term of the lease?

Central Personnel's Accountant Set Up a Long-Term Lease Liability of $11,622.73