You are looking to lease a car and the dealer offers you: Car price = $30,000 Monthly payments = $499 Down payment = $2,000 Lease term = 48 months Purchase price at end of lease = $12,000 What is the implicit interest rate on the lease?

File Home Insert Draw Page Layout Formulas Data Review View Help Acrobat Comments Share X Times New Roman 12 = = ~ Ai Insert Custom Wrap Text Fm LI W ' e LE Paste BI Uv == = Merge & Center $ % ) 8 98 Conditional Format as Cell Formatting Table Styles Styles 3X Delete Format Cells Sort & Find & Filter Select Analyze Data Undo Clipboard Font Alignment Number Editing Analysis B1 EX fx Lease A B D E F G H I J K L M N 1 Lease 2 Implicit lease rate 3 Cash flows: 4. Start 5 Month 1 6 Month 2 7 Month 3 8 Month 4 9 Month 5 10 Month 6 11 Month 7 12 Month 8 13 Month 9 14 Month 10 15 Month 11 16 Month 12 17 Month 13 18 Month 14 19 Month 15 20 Month 16 Prob. 1 Prob. 2. Prob. 3 Prob. 4 Prob. 5 V. JAN '22 + Ready Display Settings 133