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You are thinking about leasing a car. The purchase price of the car is $ 31,000....

You are thinking about leasing a car. The purchase price of the car is $ 31,000. 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 6.5 % ​APR, compounded monthly. What will be your lease payments for a 36​-month ​lease?

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Answer #1

Function Arguments х PMT 1 = 0.005416667 Rate Nper 1 = 36 6.5%/12 36 31000 -15000 o 1 1 = 31000 = -15000 FV Type = -571.63404

Hence, Lease payment is $571.63

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