Calculation of unknown rent and interest.
Pine Leasing Company purchased specialized equipment from Wayne Company on December 31, 2013 for $800,000. On the same date, it leased this equipment to Sears Company for 5 years, the useful life of the equipment. The lease payments begin January 1, 2014 and are made every 6 months until July 1, 2018. Pine Leasing wants to earn 10% annually on its investment. 
Instructions
(a) Calculate the amount of each rent.
(b) How much interest revenue will Pine earn in 2014?
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