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Suppose you want to become a Lyft driver and need to lease acar. You want a car valued at $22,000. The dealer willlet you drive
Suppose you want to become a Lyft driver and need to lease acar. You want a car valued at $22,000. The dealer willlet you drive away with no money down. You sign a 5 yearlease with monthly payments. The imbedded discount rate onthe lease is 6%. At the end of the fifth year, you would needto pay a residual value payment of $5,255.19 in order to takeownership of the car. What is the required monthly payment? Round to the nearest $ and use the $ symbol.
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