Final answer:
To find the maximum lease payment acceptable to the lessee, calculate the present value of the lease payment and the present value of the maintenance costs. Add these values to get the maximum lease payment acceptable to the lessee.
Step-by-step explanation:
To calculate the maximum lease payment acceptable to the lessee, we need to consider the present value of the lease payment and the present value of the maintenance costs. The present value of the lease payment can be calculated using the formula: PV = ((L * (1 - (1 + r) ^ -n)) / r) + S, where PV is the purchase price, L is the lease payment, r is the cost of debt, n is the useful life of the asset, and S is the salvage value. Plugging in the given values, we can solve for L to find the maximum lease payment acceptable to the lessee.
First, let's calculate the present value of the maintenance costs. The maintenance costs occur at the end of each year, so we need to discount them to their present value. Using the formula for the present value of an annuity, PV = A * (1 - (1 + r) ^ -n) / r, where PV is the present value, A is the annual maintenance cost, r is the cost of debt, and n is the number of years, we can calculate the present value of the maintenance costs.
Then, we add the present value of the maintenance costs to the present value of the lease payment to get the maximum lease payment acceptable to the lessee. The lessee would be willing to pay this amount at the beginning of each year.