Question
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
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.
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