Question
Suppose you were offered to lease a car for 48 months with a monthly payment of $298.50. The first payment is due next month
Suppose you were offered to lease a car for 48 months with a monthly payment of $298.50. The first payment is due next month and at the end of the lease there is a balloon payment (.e., extra payment) due of $8,995. If you purchase the car, you pay $18,800 today. What is the implied cost (effective annual interest rate) of this lease?
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
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