A car costs $9500. Alternatively, the car can be leased for three years by making payments of

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A car costs $9500. Alternatively, the car can be leased for three years by making payments of $240 at the beginning of each month and then bought at the end of the lease for $4750. If interest is 9% compounded semi-annually, which alternative is preferable?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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