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Your car dealer is willing to lease you a new car for $ 3 9 9 a month for 4 8 months. Payments are due

Your car dealer is willing to lease you a new car for $

399

a month for

48

months. Payments are

due on the first day of each month starting with the day you sign the lease contract. If your cost

of money is

3

percent, what is the current value of the lease?

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