i need help finding the last part "PV lease payments"

Splish Brothers Company leases an automobile with a fair value of $13,924 from John Simon Motors, Inc., on the following terms: 1. 2. 3. Non-cancelable term of 50 months. Rental of $280 per month (at the beginning of each month). (The present value at 0.5% per month is $12,422.) Splish Brothers guarantees a residual value of $1.580 (the present value at 0.5% per month is $1,231). Delaney expects the probable residual value to be $1,580 at the end of the lease term. Estimated economic life of the automobile is 60 months. Splish Brothers's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicitrate is unknown. 5. Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is correct. What is the nature of this lease to Splish Brothers? The nature of this lease is a/an finance lease Your answer is correct. What is the present value of the lease payments to determine the lease liability? (Round answer to decimal places, es. 5,275.) Present value of the lease payments $ 12422