Benedict company leased equipment to mark inc. on january 1, 2017. the lease is for an eight-year period, expiring december 31, 2024. the first of eight equal annual payments of $600,000 was made on january 1, 2017. benedict had purchased the equipment on december 29, 2016, for $3,200,000. the lease is appropriately accounted for as a sales-type lease by

In a fixed-term, level-payment reverse mortgage, sometimes called a reverse annuity mortgage, or ram, a lender agrees to pay the homeowner a monthly payment, or annuity, and expects to be repaid from the homeowner’s equity when he or she sells the home or obtains other financing to pay off the ram. consider a household that owns a $150,000 home free and clear of mortgage debt. the ram lender agrees to a $100,000 ram for 10 years at 6 percent. assume payments are made annually, at the beginning of each year to the homeowner. calculate the annual payment on the ram.