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Temp. Personnel's accountant set up a long-term lease liability of $12,922 to recognize a new...

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Accounting

Temp. Personnel's accountant set up a long-term lease liability of $12,922 to recognize a new contract for the lease of the phone system. She used the firm's 9.25% compounded monthly cost of borrowing as the discount rate. If the lease payments at the beginning of each month are $267.75, what is the term of the lease?

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