You want to lease a new Range Rover for three years for $38,000 in cash. The deal has a $5000 down payment requirement and an 8% interest rate. The residual value of this car is $24,000 after three years, and your monthly payments will begin right now.

1. Your monthly lease payment should be______. 2 If you want to have the option to pay bi-weekly, what is your bi-weekly payment?

3. What is the monthly payment if compounded monthly (answer is 439.09996)

4. What is the monthly payment if compounded biweekly (answer is 203.02409)

Please show every step for each part of the question