Q9

You end up leasing $18033.36 for 4 years. Your down payment was $671. The interest rate is 2.39% 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 term and have saved for this opportunity. You pay the $12160 residual plus tax at 11%. What is the total amount you have paid to own this car?

Round your answer to two decimal places.