Test 4 Name: BERVIE FRANSEL RONDONUWU 57/55

Unklab plans to lease and own a tractor under a lease agreement that calls for terms and provisions of
the lease agreement up to maximum IDR 25 Million/ year, and The followings are 2 lease options
A. Direct Finance Lease from Caterpillar
•The term of the lease is 4 years. The lease agreement is non-cancelable, requiring down
payment of IDR 15million and 3 equal rental payments at the end of each year.
•The tractor has a fair value of IDR 100 million an estimated economic life of five years, and a
guaranteed residual value of IDR50 million.
•The lease agreement sets the annual rental rate to earn a rate of return of 5%/year. Service and
administrative fee 6% of current fair value
Instructions: 1. Calculate the lease payment for both option and complete the schedules for lease payment
2. Prepare a short conclusions and recommendation, which option should Unklab choose.

Data 100000000 50000000 4 5% 15000000

Step 1 Calculation of lease payment
a. PV residual value IDR 41,135,124
b. PVa 1.157625 2.72324802937
c. Annual lease payment IDR 16,107,558
3 points
Stap 2 Schedule of Lease Payment
Date Annual lease payment Lease interest Lease Reduction Lease Receivable
0 IDR 100,000,000
1 IDR 15,000,000 IDR 0 IDR 15,000,000 IDR 85,000,000
2 IDR 16,107,558 IDR 4,250,000 IDR 11,857,558 IDR 73,142,442
3 IDR 16,107,558 IDR 3,657,122 IDR 12,450,436 IDR 60,692,006
4 IDR 16,107,558 IDR 3,034,600.28 IDR 13,072,958 IDR 47,619,048
5 IDR 50,000,000 IDR 2,380,952.38 IDR 47,619,048 IDR 0
21 points
Conclusion and recommendations
1. Untuk conclusionnya sebaiknya Unklab melakukan peminjaman dana dari BRI untuk membeli
tractor dari Caterpillar karena masih lebih menguntungkan dengan melakukan peminjaman
dana dari bank dari pada direct finance lease. Lease receivable dan lease interst dari pinjaman
bank juga masih lebih rendah dari direct finance lease.

10 points
 B. Borrow IDR100 million from BRI and buy the tractor from Caterpillar.
BRI requires 5 annual lease installment at i= 5.5%, no service charges and
administrative fee upon realising the fund. The installment paid at the end of each year

es for lease payment

Data 100000000 5 5.50% 5%

Step 1 Calculation of lease payment
a. PVa 0.765134353840949 4.2702844756191
b. Annual lease Payment 23417643.618579
Stap 2 Schedule of Lease Payment 2 points
Date Annual lease payment Lease interest Lease Reduction Lease Receivable
0 IDR 100,000,000
1 IDR 23,417,644 IDR 5,500,000 IDR 17,917,644 IDR 82,082,356
2 IDR 23,417,644 IDR 4,514,530 IDR 18,903,114 IDR 63,179,242
3 IDR 23,417,644 IDR 3,474,858 IDR 19,942,785 IDR 43,236,457
4 IDR 23,417,644 IDR 2,378,005 IDR 21,039,638 IDR 22,196,819
5 IDR 23,417,644 IDR 1,220,825 IDR 22,196,819 IDR 0
21 points