An SUV sells for $ 3 4 2 0 0 and can be leased for $ 3
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Question:
An SUV sells for $ and can be leased for $ per month plus taxes for a month lease. A down payment of $ is required and the residual value of the SUV at the end of the lease is $ At the end of the lease, the vehicle will be purchased for the residual value plus taxes. This amount will be financed for three years at
a Calculate the total cost of the lease.
b Calculate the total cost to finance the residual value of the vehicle.
c What is the total amount paid to lease and then purchase the SUV?
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