Is each of the following a true lease or a secured transaction?

1. Your business signs a three-year “lease” for a very old office machine that only has an additional two-year useful life.

2. Your business signs a two-year “lease” for the same office machine in question 1. The lease can be renewed at the end of the two years at no additional charge.

3. Your business signs a five-year “lease” for an office machine that gives you an option to become the owner of the machine at the end of the five-year period at no additional charge.