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You wish to lease a new car that has a cash price of $20,324. You will make a down payment of $550 and then regular
You wish to lease a new car that has a cash price of $20,324. You will make a down payment of $550 and then regular lease payments of $275 per month. This payment is based on an interest rate of 4.0% compounded monthly and a residual value of $8,862. What is the term of the lease (in years and months)? (3 mark)
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