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Bryce wants to lease a vehicle from a dealer in Portage, MB. He wants a car that costs $36,500 and has a residual rate of
Bryce wants to lease a vehicle from a dealer in Portage, MB. He wants a car that costs $36,500 and has a residual rate of 30%. The dealer will finance the lease over 4 years at an interest rate of 5.25% with monthly payments. The dealer charges a security deposit and an acquisition fee of $379. Bryce has a $750 down payment. If Bryce wants to buy out the car at the end of the lease, the dealership will give him 2.55% financing over 3 years with monthly payments. a. What is Bryce's monthly lease payment? b. How much does Bryce pay when he signs the lease? c. How much does he pay over the course of the lease? d. What is the residual value of the car? e. Bryce decides to buy the car at the end of the lease. What is his monthly payment? f. How much, in total, does Bryce pay for the car over the course of the lease and the buyout? Bryce wants to lease a vehicle from a dealer in Portage, MB. He wants a car that costs $36,500 and has a residual rate of 30%. The dealer will finance the lease over 4 years at an interest rate of 5.25% with monthly payments. The dealer charges a security deposit and an acquisition fee of $379. Bryce has a $750 down payment. If Bryce wants to buy out the car at the end of the lease, the dealership will give him 2.55% financing over 3 years with monthly payments. a. What is Bryce's monthly lease payment? b. How much does Bryce pay when he signs the lease? c. How much does he pay over the course of the lease? d. What is the residual value of the car? e. Bryce decides to buy the car at the end of the lease. What is his monthly payment? f. How much, in total, does Bryce pay for the car over the course of the lease and the buyout
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