Ernst Mller leased a car with a net capitalized value of $34,700 + GST. Ernst lives...
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Ernst Müller leased a car with a net capitalized value of $34,700 + GST. Ernst lives in province that doesn't have a provincial sales tax. Ernst has $7,350 available to use as a down payment towards the vehicle. The lease has a term of 36 months with an APR of 3.9% and the vehicle has a residual value of $23,200. 1. How much principal will be paid down during the lease term? $ 2. What is the money factor used in the lease? 3. Calculate the lease payment for Ernst: $ a) Monthly depreciation fee: b) Monthly finance charge: c) Tax: Ernst Müller leased a car with a net capitalized value of $34,700 + GST. Ernst lives in province that doesn't have a provincial sales tax. Ernst has $7,350 available to use as a down payment towards the vehicle. The lease has a term of 36 months with an APR of 3.9% and the vehicle has a residual value of $23,200. 1. How much principal will be paid down during the lease term? $ 2. What is the money factor used in the lease? 3. Calculate the lease payment for Ernst: $ a) Monthly depreciation fee: b) Monthly finance charge: c) Tax:
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Answer rating: 100% (QA)
Certainly I can help you calculate the lease payment for Ernsts car lease 1 Principal Paid Down During the Lease Term The principal paid down is the d... View the full answer
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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