Lillian is leasing a new car worth $36,000. She will receive $4500 to use as a down
Question:
Lillian is leasing a new car worth $36,000. She will receive $4500 to use as a down payment for trading in her old car, and her lease is for five years at 3% compounded monthly. The residual value is $13,000.
a. What is the size of the lease payment at the beginning of every month?
b. How much lower would the beginning of the month payment be if the interest rate was 3% compounded quarterly?
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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