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You are thinking about leasing a car, and the dealer offers you the following deal. You can drive the $30,000 car off the lot today

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You are thinking about leasing a car, and the dealer offers you the following deal. You can drive the $30,000 car off the lot today (with no upfront payment) if you agree to make monthly payments of $508.32 for five years. At the end of the lease, you can keep the car if you pay a residual value price of $5,000. What is the annual rate of interest imbedded in this lease arrangement? (6 points)

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