看过很多论坛都发过这道题目，但是没人解答，就再发一次~~~

A company wishes to finance its acquisition of an asset costing $10,000 through a four year lease. The terms of the lease are: 10% per annum effective interest rate, monthly payments in arrears, 40% residual. The corporate tax rate is 40%.

 

Required:

 

1. What is the effective price paid for the lease after tax? (Assume that the lessee’s opportunity cost of capital is 14%).

 

2. What rate of return (IRR) does the lessor earn after tax?

 

3. Suppose that the lessor wishes to increase its IRR by leverage. It borrows $9,000 of the $10,000 purchase price of the asset (secured against that asset) at 11% effective per annum (what is the nominal rate?). This is an interest only loan with monthly payment in arrears (interest payments are tax deductible). What is the IRR on this leveraged lease?

 

现在困惑这个40%residual到底什么意思，还有是monthly payment，因此需要列出每个月的cashflow吗~~~最后lessee是否获得这个东西的拥有权~