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Exercise 21-2 (Part Level Submission) Sweet Company leases an automobile with a fair value of $12,501 from John Simon Motors, Inc., on the following terms: 1. Noncancelable term of 50 months. 2. Rental of $280 per month (at end of each month). (The present value at 1% per month is $10,975.) 3. Estimated residual value after 50 months is $1,070. (The present value at 1% per month is $651.) Sweet Company guarantees the residual value of $1,070. 4. Estimated economic life of the automobile is 60 months. 5. Sweet Company's incremental borrowing rate is 12% a year (196 a month). Simon's implicit rate is unknown. ? (b) Your answer is correct. What is the present value of the minimum lease payments? The present value of the minimum lease payments Click if you would like to Show Work for this question: Open Show Work 11626