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You are thinking about leasing a car. The purchase price of the car is $ 3 0 , 0 0 0 . The residual value

You are thinking about leasing a car. The purchase price of the
car is $30,000. 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% APR,
compounded monthly. What will your lease payments be for a 36-month
lease?

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