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Exercise #6: You are leasing a car for 36 months. You put down $1200 now and agree to $400 monthly payments. The residual value is

Exercise \#6: You are leasing a car for 36 months. You put down $1200 now and agree to $400 monthly payments. The residual value is $11,000. The financing rate is 6% (monthly compounded). How much is the car worth

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