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You lease a car with a $600 down payment (due at the start of the lease), 48 monthly payments of $546 (first payment due one
You lease a car with a $600 down payment (due at the start of the lease), 48 monthly payments of $546 (first payment due one month from today), and a $13,000 residual value. You plan to keep the car for 6 years total and sell it for an estimated $7,000. If your cost of capital is an APR of 4.8% (compounded monthly), what is the net cost of the lease including the effects of down payment, lease payments, residual value, and estimated $7,000 resale price? Round and express your answer to the nearest whole dollar (i.e., nearest integer)
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