You are thinking about leasing a car. The purchase price of the car is

$ 28 comma 000$28,000.

The residual value (the amount you could pay to keep the car at the end of the lease) is

$ 15 comma 000$15,000

at the end of

3636

months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is

5.5 %5.5%

APR, compounded monthly. What will be your lease payments for a

3636-month

lease? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Your monthly lease payments will be

$nothing.

(Round to the nearest cent.)