Question: Acme needs a new $29,000 copier machine and must decide whether to lease or buy it. If the company buys the copier, they expect to

Acme needs a new $29,000 copier machine and must decide whether to lease or buy it. If the company buys the copier, they expect to sell it for $6,800 in 5 years. The bank has offered a 5 year amortizing loan of $29,000 at 8.9%, compounded monthly. Loan payments will be due at the end of each month. If Acme leases the copier, monthly lease payments will be paid at the beginning of each month and the copier returned to the lessor at the end of five years. Calculate the monthly lease payment that would make the lease equivalent to the loan. Note: Ignore taxes. (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly lease payment $

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