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You are thinking about leasing a car. The purchase price of the car is $34.000. The residual value (the amount you could pay to keep

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You are thinking about leasing a car. The purchase price of the car is $34.000. The residual value (the amount you could pay to keep the car at the end of the inso) is $15,000 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 625 APR compounded monthly. What will be your lease payments for a 36-month tease? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly lease payments will be $ 492 21 (Round to the nearest cont.)

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