You are considering leasing a car. You notice an ad that says you can lease the car you want for $900 per month. The lease term is 50 months with the first payment due at inception of the lease (at month end). You must also make an additional down payment of $2,500. After much research, you have concluded that you could buy the car for a total "driveout" price of $34,000. What is the quoted annual interest rate you will pay with the lease?

PermalinkReply