Each of the Independent Situations Below Describes a Finance Lease

Each of the independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit interest rate. For convenience, here are some table values: $$\begin{array} { | c | c | c | } \hline \text { Periods; int. rate } & \begin{array} { c } \text { PV, ordinary } \\\text { annuity }\end{array} & \text { PV, annuity due } \\\hline 10 \text { periods, } 10 \% & 6.1446 & 6.7590 \\\hline 10 \text { periods, } 12 \% & 5.6502 & 6.3283 \\\hline 20 \text { periods, } 10 \% & 8.5136 & 9.3649 \\\hline 20 \text { periods, } 12 \% & 7.4694 & 8.3658 \\\hline\end{array}$$ Required: For each situation determine the amount of the annual lease payment, as calculated by the lessor. Round your answers to the nearest whole dollar amounts.

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Situation 1:
$600,000/6.7590 = $8...

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