Given: Fair value of leased asset=600000 Useful life=10 years lease term=7years Payment frequency=annual Payment timing=beginning of year residual value(unguaranteed)=35000 interest rate implicit in the lease=6% Lessee’s incremental borrowing rate=5% ASK: Determine the amount of lease payment that the lessor would require to lease the asset. I have figured out that the present value of ungauranteed residual value is 23277. I don’t understand how to get the number of years at implicit rate 6%? Why is it 5.9173? And how is the annual payments required by lessor $97463? How exactly do i get that number by using a financial calculator?