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The calculation of a lease payment involves knowing four key factors: the fair market value of the asset being leased, the residual value expected at the end of the lease, the lease term, and the rate of return expected by the lessor. By plugging these values into a formula, which equates the fair market value to the present value of lease payments and residual value, one can determine the periodic rental payment. This formula accounts for the time value of money and ensures that the lessor recovers the asset's value through lease payments and residual value.