You are thinking about leasing a car. The purchase price of the car is $32,000.

The residual value (the amount you could pay to keep the car at the end of the lease) 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 5%

APR, compounded monthly. What will be your lease payments for a 36-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.)

You are thinking about leasing a car. The purchase price of the car is $32,000. The residual value (the amount you could pay to keep the car at the end of the lease) 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 5% APR, compounded monthly. What will be your lease payments for a 36-month lease? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly lease payments will be $. (Round to the nearest cent.)