3. You just leased a Chevy Bolt. The terms of the lease requires a down payment of $3,000 plus payments of $275 per month for 5 years with the first payment due immediately. At the end of 5 years you need to pay $18,985. The interest rate is 3.9% compounded monthly. (a) How much is the cash price (selling price) of the car? [3 marks) B/E PNY CNY N IY PV PMT FV ANSWER: (b) Calculate the cost of financing (the amount of interest paid). [2 marks] 3. You just leased a Chevy Bolt. The terms of the lease requires a down payment of $3,000 plus payments of $275 per month for 5 years with the first payment due immediately. At the end of 5 years you need to pay $18,985. The interest rate is 3.9% compounded monthly. (a) How much is the cash price (selling price) of the car? [3 marks) B/E PNY CNY N IY PV PMT FV ANSWER: (b) Calculate the cost of financing (the amount of interest paid). [2 marks]