Q10;

You end up leasing $17641.58 for 4 years. Your down payment was $1960. The interest rate is 2.12% compounded monthly. The lease payment is monthly and due at the beginning of the month.

After 4 years, there is residual owing on a leased vehicle. You have the option of returning the vehicle after a lease term or buying it out. Assume you choose to purchase the vehicle after the lease and have saved for this opportunity. You pay the $14139 residual plus tax at 14%.

Assume you drove 53557 km in the 4 years. What was the cost per km per year for the leased vehicle?

Round your answer to two decimal places.