Assuming that annual lease payments are made in advance (an annuity due) and that there is no residual value, solve for the unknown in each of the following situations:

a. For a purchase price of $46,000, an implicit interest rate of 11 percent, and a 6 year lease period, solve for the annual lease payment.

b. For a purchase price of $210,000, a five year lease period, and annual lease payments of $47,030, solve for the implied interest rate.

c. For an implied interest rate of 8 percent, a seven year lease period, and annual lease payments of $16,000, solve for the purchase price.

d. For a purchase price of $165,000, an implied interest rate of 10 percent, and annual lease payments of $24,412, solve for the lease period.