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You are thinking about leasing a car. The purchase price of the car is $27,000. The residual value (the amount you could pay to keep

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

$27,000.

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

6.75%

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.)

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