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A vehicle valued at $55,000 can be leased for 7 years. Interest on the lease is 6.2% compounded monthly, and the residual value is $18,000.

A vehicle valued at $55,000 can be leased for 7 years. Interest on the lease is 6.2% compounded monthly, and the residual value is $18,000. What is the size of the monthly lease payments? If the lessee buys the vehicle by paying the residual, how much interest will they have paid on their purchase over the 7 year term

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