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The calculation of a lease payment involves four key factors: fair market value of the asset, asset's residual value at the end of the lease, lease term, and rate of return expected by the lessor. The formula states that the fair market value of the asset should be equal to the present value of lease payments and the residual value. This ensures that the lessor receives lease payments and asset value equal to the fair market value. By plugging in these values, the periodic rental payment can be determined.