Royal Manufacturing leased a piece of equipment for $3,650 payable at the start of every month for three years. If Royal pays 6% compounded semiannually on its medium-term debt, what initial lease...

Royal Manufacturing leased a piece of equipment for $3,650 payable at the start of every month for three years. If Royal pays 6% compounded semiannually on its medium-term debt, what initial lease liability would the company record for this equipment?