Your lease includes a mileage penalty of 25 cents per mile in excess of 12,000 miles...
Your lease includes a mileage penalty of 25 cents per mile in excess of 12,000 miles per year. At the end of your three-year lease, your mileage is 40,000. How much will you owe to the lessor?
Homework Answers
The limit on the miles after the 3 - year period is = 36,000 miles.The miles at the end of the 3 year period is 40,000.
So, the excess miles is 4000.
The penalty is $0.25 , so the total penalty is 0.25* 4000 = $1000.
So, the amount i owe to the lessor is $1000.
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