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Question 16 (3 points) You have decided to lease a new car costing $34,100. The lease agreement calls for monthly payments of $385 (beginning of
Question 16 (3 points) You have decided to lease a new car costing $34,100. The lease agreement calls for monthly payments of $385 (beginning of each month) for 4 years plus a residual payout at the end of the lease. A residual means a final payment still to be paid at the end of the lease term. Calculate the size of the residual payment. Use a rate of j12-3.6% Include your work and a timeline on your worksheet Your
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