Problem $9-3$A $($Algo$)$ Record leases $($LO$9-3)$

On September $1,2024,$ a company decides to lease office space in a building. The building's owner offers the company the

following options, with the first monthly payment beginning September $30,2024$:

Sign a two$-$year lease with monthly payments of $$7,700.$

Sign a three$-$year lease with monthly payments of $$7,450.$

Sign a four$-$year lease with monthly payments of $$7,200.$

Required:

For each option, calculate the present value of the lease payments using an interest rate of $6\%.($Hint: Use a financial

calculator or Excel.$)$

Record each lease on September $1,2024.$

For which option is the lease payable recorded for the highest amount?