please need help with part B

(b) What is the present value of the lease payments to determine the lease liability? (Round answer to 0 decimal plac 5,275.1 Present value of the lease payments eTextbook and Media. List of Accounts Save for Later Attempts: 0 of 3 used uba Larkspur Company leases an automobile with a fair value of $10,844 from John Simon Motors, Inc., on the following terms: 1 Non-cancelable term of 50 months. 2. Rental of $220 per month (at the beginning of each month). (The present value at 0.5% per month is $9,760.) 3. Larkspur guarantees a residual value of $1.120 (the present value at 0.5% per month is $873). Larkspur expects the probab residual value to be $1,120 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Larkspur's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown. Click here to view factor tables. (For calculation purposes. use 5 decimal places as displayed in the factor table provided.) CHE 23