Question 11 6 points

Save Answer You end up leasing $17,362.17 for 4 years. Your down payment was $1,299. The interest rate is 2.33% 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 $11,774 residual plus tax at 11%. What is the total amount you have paid to own this car? Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23 (Hint: The down payment has already been taken off. So find the PMT value in the Simple Annuity Due formula using your leased amount. You can also use the TVM solver to find PMT. Then find the total value of these monthly payments over the length of the lease: i.e., take your PMT and multiply by the total number of payments you make. Add the total value of your lease payments, your down payment and the residual value with tax to get the total value of the lease.)